16 Jun 2012

Insider trading verdict

10:21 am on 16 June 2012

A former Goldman Sachs board member has been found guilty on four charges of insider trading by a federal court in New York.

Rajat Gupta, 63, denied illegally leaking boardroom secrets to Raj Rajaratnam, a former hedge fund manager who is now serving 11 years in prison.

He was acquitted on two other charges.

The BBC reports he could face up to 20 years in prison when he is sentenced on 18 October.

Gupta is a former managing partner of McKinsey & Co. He also served on the boards of Procter & Gamble, the Rockefeller Foundation and the Bill and Melinda Gates Foundation.