SEC Sues Rajat Gupta for Role in Galleon Insider-Trading Scheme
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The U.S. Securities and Exchange Commission said it filed an insider trading complaint against Rajat K. Gupta for tipping Galleon Group LLC founder Raj Rajaratnam with inside information about the earnings at Goldman Sachs Group Inc. and Procter & Gamble Co. as well as an impending $5 billion investment by Berkshire Hathaway Inc. in Goldman.
The SEC’s Division of Enforcement said that Gupta provided Rajaratnam with confidential information learned during board calls and in other aspects of his duties on the Goldman and P&G boards.