Wall Street Exec Charged With Multiple Counts of Securities Fraud
On Wednesday October 26th, 2011 a federal grand jury charged Rajat Gupta with five counts of securities fraud and one count of conspiracy to commit securities fraud. Specifically, Mr. Gupta is accused of wrongfully sharing inside information about large corporations, such as Proctor & Gamble and Goldman Sachs, with a broker who then allegedly used the information illegally.Mr. Gupta is believed to be the highest ranking executive charged with securities fraud crimes in the federal government’s crackdown on insider trading.
Rajat Gupta has pleaded guilty to all of the charges against him and is free on $10 million bond. He is currently scheduled to stand trial in April 2012.
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