Former Goldman Sachs board member Rajat Gupta found guilty of insider trading
- 4 insider trading convictions for former Goldman Sachs board member source
» Raj and Rajat: Back in 2011 Raj Rajaratnam, the founder of the once-colossal Galleon Group hedge fund management firm, was sentenced to 11 years in prison for insider trading. Rajaratnam had gained choice information unavailable to the public at large by using a series of secret contacts – one of whom, Rajat Gupta, has now faced the music himself. Prosecutors successfully argued that Gupta, a former board member of both Goldman Sachs and Procter & Gamble, was one of Rajaratnam’s sources, leaking him the details of Goldman’s first-ever quarterly loss in late 2008. Convicted on four out of six counts of insider trading, Gupta will likely face prison time when sentenced later in the year.
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