Feds Label Gupta 'Ultimate Corporate Insider' To Begin Trial

Law360, New York (May 21, 2012, 9:06 PM EDT) -- Former Goldman Sachs Group Inc. director Rajat Gupta abused his position as the “ultimate corporate insider” by providing illicit tips to hedge fund founder Raj Rajaratnam, prosecutors said Monday, launching a long-anticipated insider trading trial.

Assistant U.S. Attorney Reed Brodsky told jurors that Gupta, 63, betrayed shareholders by providing Rajaratnam tips ahead of market-moving news from Goldman and Procter & Gamble Co., where he also served on the board.

“Gupta threw away his duties, threw away his responsibility and broke the law,” Brodsky told the jury...
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