Former Goldman Sachs director Gupta was found guilty on three insider trading charges and one conspiracy charge. Sentencing will begin on Oct 18 and he will remain free out bail before then.
This is one of the most prominent cases in security fraud given Gupta’s status. Beside his Goldman Sachs affiliation, he was a managing partner at McKinsey, a director at Proctor & Gamble, and was on the boards of the Bill & Melinda Gates Foundation and the Rockefeller Foundation.
Both the FBI and the Manhattan DA Office were involved on the investigation side and they did go as far as using phone taps and informants.
While this case is settling, I have one question: what did Gupta get out of this? He tipped inside information to his hedge fund friend, who acted on the information, but what did he get out of this? Did he think like Goldman Sachs CEO Blankfein and think he was doing “God’s work”?
Tell us what you think, you can send in your comments to our show or tweet me (@juliasun_onair). I’m Julia Sun for the Financial News Network in New York City.