Rajat Gupta sentenced to 2 years in prison and a $5 million fine

Rajat Gupta, a former Goldman Sachs and Procter & Gamble director and the former head of McKinsey & Co.'s Chicago office, was sentenced to two years in prison today for leaking boardroom secrets to former hedge fund manager Raj Rajaratnam, the New York Times reports.

Mr. Gupta also was Miles White's mentor back when the Abbott CEO was a young consultant at McKinsey. Mr. Gupta also once served on the University of Chicago's board of trustees.

The New York Times reports that Mr. Gupta, 63, "is the most prominent figure to face prison in the government's sweeping crackdown on insider trading."

The Securities and Exchange Commission brought civil fraud charges against Mr. Gupta in March 2011. The SEC alleged that, at the height of the financial crisis, Mr. Gupta passed along privileged financial information that helped enrich Mr. Rajaratnam, a former billionaire hedge fund manager who was the prime target of the criminal probe.

Last week, Mr. White asked Judge Jed Rakoff of Federal District Court in Manhattan to go easy on Mr. Gupta. “Rajat's contributions to global welfare — in business, in philanthropy, in education, in civil society — have been rivaled by very few people," Mr. White wrote in a sentencing memo.