Goldman Sachs has paid for the bulk of former board member Rajat Gupta's legal defence in an insider trading case that ended in his conviction, the New York Times reported, citing two people with direct knowledge of the matter.
Gupta, a consummate business insider who also sat on the board of Procter & Gamble, was convicted on Friday of leaking secrets about Goldman at the height of the financial crisis, a major victory for prosecutors seeking to root out illicit trading on Wall Street.
Procter & Gamble also paid some of the $30 million in legal fees, the paper reported.
Under a deal reached before the trial, Gupta agreed to reimburse Goldman for the legal costs if he were convicted, the New York Times said....
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11:05 AM, Jun 19, 2012
New York: Former Goldman Sachs Group Inc board member Rajat Gupta, on trial over insider trading charges, has decided not to take the risk of testifying in his own defence, two days after his lawyer said it was "highly likely" he would take the stand. "After substantial reflection and consideration, we have determined that Mr Gupta will not be a witness on his own behalf in the defence case," Gupta's...
08:59 AM, Jun 11, 2012
New York: As the high-profile insider trading trial of former Goldman Sachs director Rajat Gupta enters its third week, the Indian-American's prominent friends feel he has been portrayed in an "unfair and one-sided" manner and his philanthropic work in India should not be forgotten. 63-year-old Gupta's trial, which began in Manhattan federal court on May 21, will resume on Monday after a weekend break with his protege and former McKinsey...
03:21 PM, Jun 04, 2012
New York: Former Goldman Sachs director and McKinsey & Co executive Rajat Gupta was on a list of "important people" that now-imprisoned hedge fund manager Raj Rajaratnam was willing to be disturbed to take their phone calls, his onetime secretary testified at Gupta's insider-trading trial on Tuesday. The former Galleon Group employee Caryn Eisenberg also told the Manhattan federal court jury that she saw Gupta "many times" in the firm's...
09:52 AM, May 23, 2012
New York: The July 29, 2008, phone call between two titans of Wall Street began with the old friends exchanging mild pleasantries, but then quickly turned serious and - by the government's account - criminal. Hedge fund manager Raj Rajaratnam asked about a rumor that Goldman Sachs "might look to buy a commercial bank". On the other end of the phone, then-widely respected Goldman board member Rajat Gupta confided there...
09:37 AM, May 21, 2012
New York: A US judge has asked prosecutors to provide specific financial benefits they allege former Goldman Sachs director Rajat Gupta made by passing inside information to his friend Raj Rajaratnam amidst allegations that he also tipped him about Proctor and Gamble's 2008 sale of Folgers Coffee Co to JM Smucker. The judge's direction came after Gupta's lawyers claimed he made no profits and called the government's allegations "mumbo jumbo"....
10:46 AM, Jan 06, 2012
New York: A federal judge ordered Raj Rajaratnam, the Galleon Group hedge fund founder sentenced to 11 years in prison for insider trading, to pay a record $92.8 million penalty in a related US Securities and Exchange Commission civil case. The penalty imposed by US District Judge Jed Rakoff in Manhattan is in addition to the $63.8 million that Rajaratnam's lawyers said their client has already paid in his criminal...
05:29 AM, Nov 09, 2011
New York: Convicted hedge fund tycoon Raj Rajaratnam has already paid more than $ 63 million in penalties, ordered by the judge who sentenced him two weeks ago for insider trading, one of his lawyers said on Friday in New York federal court. Rajaratnam, 54, is going to prison for 11 years - the longest sentence recorded for an insider-trading case - as the central figure in a broad government...
10:45 AM, Oct 29, 2011
The United States Attorney's Office, Southern District of New York has released a July 29, 2008 US Federal Bureau of Investigation wiretap recording of a conversation between then Goldman Sachs director Rajat Gupta and Galleon Group founder Raj Rajaratnam. Listen. ...
05:09 PM, Oct 28, 2011
New Delhi: Rajat Kumar Gupta, aged 62, educated at IIT Delhi and Harvard Business School. Former Director, Goldman Sachs & Co-Founder of the Indian Business School. And now, an accused in an insider trading case, out on a $ 10 million bail. If found guilty, the poster-boy of Indian-American Wall Street success could face 105 years in prison. If Rajat Gupta's fall from grace was stunning, his rise in the...
08:03 PM, Oct 27, 2011
New York: Rajat Gupta, an accused in an insider trading scam in the US, was hailed for long as a poster-boy of Indians scaling great heights in corporate echelons abroad and his friends describe him as a God-fearing, 'first-class guy'. A native of Kolkata and an IITian, Gupta moved up the corporate ladder fast after graduating from the Harvard Business School. His record boasts of posts like head of consultancy...
06:21 PM, Oct 27, 2011
New York: A New York court has set April 9 as the tentative date for the trial of Rajat Gupta, former Indian American director of Goldman Sachs after he pleaded not guilty to insider-trading charges. India-born Gupta, 62, who had surrendered to the FBI on Wednesday morning, was freed after posting $ 10 million bond, secured by his home in Westport, Connecticut. But he was ordered to surrender his passport...
01:38 PM, Oct 27, 2011
Former Goldman Sachs director Rajat Gupta has been released on a $ 10 million bail bond. ...
01:26 PM, Oct 27, 2011
New York: An Indian-origin former analyst, accused of providing confidential company information in the Raj Rajaratnam-led insider trading scam in the US, has been fined a whopping $34 million for his role in the case. Deep Shah, who was with credit ratings agency Moody's, fled the US and is currently believed to be in India. He has failed to "appear, answer or otherwise defend the Securities and Exchange Commission's action,"...
11:57 AM, Aug 25, 2011
