Former Goldman Sachs director convicted in NYC
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.
Rajat Gupta — born in India, educated at Harvard and well-known in corporate America — was convicted by a jury of conspiracy and three counts of securities fraud, and acquitted of two other securities fraud counts. He showed no visible reaction as the verdict was read, though his adult daughters hugged and wept.
The trial of the 63-year-old Gupta, and the one last year for former billionaire Raj Rajaratnam, pulled back the curtain on how the two longtime friends and Wall Street titans navigated the turbulent waters of the 2008 economic meltdown.
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