Law360 (March 24, 2011, 1:47 PM EDT) -- On March 1, the U.S. Securities and Exchange Commission brought an enforcement action against Rajat Gupta, alleging that Gupta tipped Raj Rajaratnam, the founder and managing general partner of the hedge fund investment adviser Galleon Management based on information that Gupta allegedly received as a director of both the Goldman Sachs Group and Procter & Gamble Co.
The striking aspect of this high-profile enforcement action is the SEC's decision to bring the action as an administrative proceeding that will be heard by an administrative law judge and reviewed de novo by the commission, rather than as a civil action that would...
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