Ex-Goldman Director Gupta Denies Insider Trading Charges

By Richard Vanderford (October 26, 2011, 1:37 PM EDT) -- Former Goldman Sachs Group Inc. director Rajat K. Gupta, the most high-ranking corporate insider snared in New York prosecutors' crackdown on insider trading, pled not guilty Wednesday to leaking confidential tips to Galleon Group LLC founder Raj Rajaratnam.

Gupta, who also served as a director of Procter & Gamble Co., is accused of passing tips about both companies to Rajaratnam, who allegedly used the information to make $23 million in profits and avoided losses. Gupta pled not guilty to five counts of securities fraud and a conspiracy count at an afternoon hearing.

Gupta's Wednesday morning arrest points to the steady progress...

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