by Staff Writer on June 18, 2012
Wall Street veteran Rajat Gupta was found guilty Friday by a New York federal jury for his part in an insider trading scheme he carried out with former hedge fund manager Raj Rajaratnam. The office of U.S. Attorney Preet Bharara announced that Gupta was convicted on one count of conspiracy to commit securities fraud and three counts of securities fraud. However, he was acquitted of two other securities fraud charges.
Prosecutors alleged Gupta provided his longtime friend Rajaratnam with insider information about Goldman Sachs and Proctor and Gamble on several occasions from March 2007 to January 2009. Gupta, the former CEO of business consultancy McKinsey & Co., had sat on the boards of both Goldman and P&G at the time of the insider trading.
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