Rajat Gupta, the former Goldman Sachs Group Inc. director accused of feeding tips to Galleon Group LLC co-founder Raj Rajaratnam, was charged in an indictment that made him the highest-ranking executive arrested in a nationwide crackdown on insider trading.
Former Goldman Sachs Group Inc. director Rajat Gupta was indicted for conspiracy and securities fraud, making him the highest-ranking executive charged in a nationwide crackdown on insider trading centered on Raj Rajaratnam, co-founder of hedge fund Galleon Group LLC.
To U.S. prosecutors, former Goldman Sachs Group Inc. director Rajat Gupta is a Wall Street insider who fed secret tips to his business partner Raj Rajaratnam so the fund manager could reap millions in illicit profits.
Former Goldman Sachs Group Inc. director Rajat Gupta asked a federal appeals court to overturn his insider-trading conviction, with his lawyer arguing that prosecutors shouldn’t have been allowed at his jury trial to use secretly wiretapped calls in which he wasn’t a participant.
Jury foreman Richard Lepkowski didn’t want to convict Rajat Gupta of insider trading. To him and other jurors, Gupta had lived a “story-book life” and “the American dream,” he said. In the end, though, the case was just too strong.
Former Goldman Sachs Group Inc. board member Rajat Gupta invoked his Fifth Amendment right not to incriminate himself when the U.S. Securities and Exchange Commission sought to question him, a prosecutor said.
After Goldman Sachs Group Inc. Director Rajat Gupta told Galleon Group LLC co-founder Raj Rajaratnam about topics raised at a bank board meeting, the hedge fund manager increased by $4 million Gupta’s stake in a fund in which both men were investors, prosecutors alleged.