A former Goldman Sachs director, who also was once the global head of elite consultancy McKinsey & Co, was set to surrender to the FBI yesterday to face criminal insider trading-related charges, a person familiar with the investigation said.
Rajat Gupta, one of the most prominent business executives to be caught up in the government’s wide-ranging insider-trading probe, had been named by prosecutors as an unindicted co-conspirator in the criminal case against hedge fund tycoon Raj Rajaratnam earlier this year.
The person familiar with the investigation, who declined to be identified because the charges have not yet been made public, said Gupta had agreed to surrender to the authorities.
Gupta’s attorney, Gary Naftalis, would not comment late on Tuesday on possible criminal charges, but he issued a statement echoing his previous comments that Gupta committed no wrongdoing.
“Any allegation that Rajat Gupta engaged in any unlawful conduct is totally baseless. The facts demonstrate that Mr Gupta is an innocent man, and that he has always acted with honesty and integrity,” he said.
Rajaratnam, founder of the Galleon Group hedge fund, was convicted in May by a New York federal jury after a two-month trial.
On Oct. 13, a judge sentenced him to 11 years in prison, the longest recorded for insider trading. Rajaratnam is under house arrest and was ordered to report to prison on Nov. 28.
Goldman Sachs chief executive Lloyd Blankfein was called to the witness stand by the government to testify at Rajaratnam’s trial in a Manhattan federal court.
Blankfein told the jury that Gupta violated confidentiality at Wall Street’s most powerful bank by leaking boardroom secrets.
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