June 16, 2012
Former Goldman Sachs director Rajat Gupta is convicted on securities fraud and conspiracy charges. He faces a maximum of 65 years in prison.
Rajat Gupta was found guilty on four of six counts of insider trading. The guilty verdict came after less than two days of deliberations.
June 16, 2012
Former Goldman Sachs director Rajat Gupta is convicted on securities fraud and conspiracy charges. He faces a maximum of 65 years in prison.
Rajat Gupta was found guilty on four of six counts of insider trading. The guilty verdict came after less than two days of deliberations.
Rajat Gupta, a former Goldman Sachs board member, was found guilty Friday in New York on insider trading charges in another big victory for prosecutors probing Wall Street corruption.
The guilty verdict on four of six counts came after less than two days of deliberations following a three week trial in Manhattan federal court.
Prosecutors say Gupta, who also headed McKinsey & Co, fed private market-moving information to his former friend and hedge fund manager Raj Rajaratnam, sentenced last year to 11 years in prison for insider trading.
"Rajat Gupta once stood at the apex of the international business community. Today, he stands convicted of securities fraud. He achieved remarkable success and stature, but he threw it all away," chief Manhattan prosecutor Preet Bharara said in a statement.
"Having fallen from respected insider to convicted inside trader, Mr Gupta has now exchanged the lofty board room for the prospect of a lowly jail cell."
Courtesy: latimes
