Rajat Gupta, a former Goldman Sachs board member, was found guilty Friday of slipping secrets about the bank to a hedge fund manager in the latest high-profile trial stemming from a broad federal probe on insider trading.
With the entire world, and certainly GETCO's ES and EURUSD algos, focused on every single update out of the Italian Senate race, which now appears certain to not bring the necessary 158 seats to the Bersani-Monti coalition leading to a chaotic revote in the coming months, here is some tangential news of the "who could have ever seen this coming variety." Following last week's Heinz insider trading probe, which implicated a Goldman Sachs account in Zurich belonging to some private wealth client, who was so anonymous
NEW YORK (Reuters) - Former Goldman Sachs Group Inc board member Rajat Gupta was convicted on Friday of illegally tipping his hedge-fund manager friend Raj Rajaratnam with secrets about the investment bank, a major victory for prosecutors seeking to root out insider trading on Wall Street.
A federal judge Wednesday ordered former Goldman Sachs board member Rajat Gupta to pay a $13.9 million penalty related to insider trading, the Securities and Exchange Commission announced. Under the order, signed by US Judge Jed Rakoff, Gupta is also barred from acting as an officer or director of a public company and from associating with any broker, dealer or investment advisor, the SEC said.
The insider trading case against Rajat Gupta is in the jury's hands. Gupta was a former member of the board of directors of Goldman Sachs and a close associate of Raj Rajaratnam, the hedge fund manager who was convicted of insider trading last year.» E-Mail This » Add to Del.icio.us