New York: Using FBI wiretaps, email, phone records and the testimony of a Goldman Sachs Group Inc director, US prosecutors drew a picture for jurors on Thursday of events that led to the insider-trading trial of onetime corporate star Rajat Gupta. 63-year-old Gupta is accused of providing now-imprisoned hedge fund manager Raj Rajaratnam with boardroom secrets between March 2007 and January 2009 while he was a director of Goldman Sachs...
09:17 AM, May 25, 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: A former Goldman Sachs Group Inc board member "threw away his duties" in divulging secrets about the investment bank to now-imprisoned hedge fund manager Raj Rajaratnam, a US prosecutor said at the start of a major insider-trading trial on Monday. Rajat Gupta, once a boldface name in business and charity circles, is the most prominent corporate executive charged in the US government's crackdown on insider trading. He has...
07:16 AM, May 22, 2012
New York: Barely a day went by at the insider-trading trial of multimillionaire hedge-fund founder Raj Rajaratnam a year ago without mention of Rajat Gupta, a boldface name in business and charity circles. On Monday in the same federal court in New York, it will be Gupta's turn to go on trial. The former Goldman Sachs Group Inc and Procter & Gamble board member is accused of leaking stock secrets...
08:27 PM, May 21, 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: Indian-American corporate leader Rajat Gupta has been warned by a US judge that he cannot beat insider trading charges by trumpeting his history of philanthropy any more than Mother Teresa could use her missionary work to fend off bank robbery charges. "If Mother Teresa were charged with bank robbery, the jury would still have to determine whether or not she committed a bank robbery," US District Judge Jed...
06:35 PM, May 18, 2012
New York: Prosecutors want the jury in May's insider trading trial of former Goldman Sachs director Rajat Gupta to hear three secretly-recorded phone conversations of Galleon Group hedge fund founder Raj Rajaratnam as evidence of the purported conspiracy between them. In a pre-trial filing in Manhattan federal court on Monday night, the government said two of Rajaratnam's conversations with his principal trader and another with Galleon's then portfolio manager showed...
04:08 PM, May 01, 2012
New York, The criminal trial of Rajat Gupta, a former board member of Goldman Sachs and Procter & Gamble Co., has been moved from April to May after his lawyer grumbled that prosecutors want to keep changing the charges. Gupta will now go to trial on May 21 on an indictment returned last week. He is accused of feeding inside information from board meetings to one-time billionaire Raj Rajaratnam, the...
02:29 PM, Feb 08, 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: Hedge fund multimillionaire Raj Rajaratnam began serving his 11-year prison sentence on Monday - the longest on record for insider trading - at a former military base near a small, leafy Massachusetts town. The 54-year-old Galleon Group founder reported to the prison about 40 miles northwest of Boston, at 12.43 pm, said Robert Lanza, a spokesman for the Federal Medical Center Devens in Ayer, Massachusetts. He gave no...
11:20 AM, Dec 06, 2011
New York: Just five days before he was due to start his 11-year jail term for insider trading, hedge fund founder Raj Rajaratnam's lawyers made a last ditch effort to keep him out of jail, asking a US court to let him be free on bail while he appeals his conviction. 54-year-old Rajaratnam's prison sentence is scheduled to begin on December 5 at a federal penitentiary in Massachusetts. A three-judge...
12:41 PM, Dec 01, 2011
New York: At least two Goldman Sachs Group Inc executives face potential interviews under oath in the top US market regulator's civil insider trading case against a former director of the firm, Rajat Gupta, a court heard on Friday. The names of president and chief operating officer Gary Cohn and David Loeb, a managing director, came up at oral arguments in Manhattan federal court over whether or not depositions should...
11:59 AM, Nov 20, 2011
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
Mumbai: Before Indra Nooyi became CEO of PepsiCo Inc or Vikram Pandit took the reins at Citigroup Inc there was Rajat Gupta, the original "global Indian" who was the first to head a major Western business. More than 17 years after first being elected head of McKinsey & Co, the management consultancy, Gupta was charged last week in part of the same insider trading investigation that saw his friend, hedge...
08:27 AM, Oct 31, 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
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