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Topic - Rajat Gupta
A former Goldman Sachs and Procter & Gamble board member was fairly convicted on charges that he fed lucrative inside tips to a billionaire hedge fund owner, a federal appeals court said Tuesday.
A former Goldman Sachs and Procter & Gamble Co. board member was sentenced to two years in prison Wednesday, culminating a spectacular fall from grace for a man who retained support from prominent business and civic leaders even after he was convicted of feeding inside information about board dealings to a billionaire hedge fund owner who was his friend.
A former Goldman Sachs director was found guilty Friday of feeding confidential information to a corrupt hedge fund manager, becoming the most prominent defendant convicted so far in a wide-ranging probe conducted by investigators armed with wiretaps.
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.
A former board member of Goldman Sachs and Procter & Gamble became the most prominent business executive arrested in the biggest insider-trading case in history when a securities fraud indictment was unsealed against him Wednesday.
A former Goldman Sachs board member surrendered to federal authorities Wednesday to face criminal charges stemming from a massive hedge-fund insider-trading case.
Federal regulators have charged a former Goldman Sachs board member with insider trading, saying he provided confidential information to the central figure in a major hedge fund probe.
Reading from a statement, he said, "I regret terribly the impact of this matter on my family, my friends and the institutions that are dear to me. I've lost my reputation I built for a lifetime. The verdict was devastating."
"I sometimes wondered whether Raj Rajaratnam was the man on trial," he said.