Rajat Gupta convicted for insider trading
The US jury finds former McKinsey head guilty
The verdict is in.
A federal court jury in Manhattan found Gupta guilty of three counts of securities fraud and one count of conspiracy
Securities fraud carries a maximum prison sentence of 20 years. Conspiracy carries a five-year maximum prison sentence. He will remain free on bail until his sentencing on Oct. 18.
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From the New York Times:
After the verdict was read, Mr. Gupta, 63, remained stoic, his face expressionless. Just behind Mr. Gupta, his wife, Anita, buried her head in her hands, leaning against a bench in the courtroom. His four daughters, who had squeezed into the front row of the spectators’ gallery each day during the trial, loudly sobbed and consoled one another. Several jurors were crying as they left the courtroom.
Jed S. Rakoff, the judge in the case, set sentencing for Oct. 18 and said he was inclined to set Mr. Gupta is free on bail until then.
Mr. Gupta faces a maximum sentence of 25 years in prison, but will likely serve less time than that. Mr. Rajaratnam, the former head of the Galleon Group hedge fund who was convicted of orchestrating a huge insider trading conspiracy last year, is serving an 11-year jail term
We'll update this post as and when we have more information.
From our past coverage:
The Wall Street Journal has a cool interactive graphic up here.
Our colleagues at Firstpost report:
Our colleagues at Forbes have Mr Naftalis's statement:
The web site friendsofrajat.com/ had no updates as of 2a.m., IST, 16th June 2012. That Mr Gupta has many friends and supporters is clear from the testimonials on the site.