Rajat Gupta, the consummate corporate insider who was a former director at Goldman Sachs, was convicted of insider trading on Friday - the highest-profile conviction yet in a wave of federal cases focused on Wall Street misconduct.
The jury in New York, after just more than one day of deliberations, found him guilty of four of six criminal counts. The trial started on May 21, and Gupta did not testify in his own defense.
Gupta, who also served as head of consulting firm McKinsey & Co. and a director at Procter & Gamble, was indicted in October. The case is part of a wave of insider trading probes over the past two-and-a-half years that have yielded 66 indictments and 60 convictions. None of these defendants have been acquitted so far, though several cases are still pending.
Dubbed "Operation Perfect Hedge," the effort has utilized investigative tools like wiretaps and informants that are more commonly associated with other kinds of crime.FULL STORY