Gupta Administrative Action by SEC Is ‘Bizarre,’ Judge Says
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The U.S. Securities and Exchange Commission’s decision to file an administrative action against ex-Goldman Sachs Group Inc. director Rajat K. Gupta, instead of to sue him, is “bizarre,” the judge in a Galleon Group LLC case said.
The SEC filed its action against Gupta, 62, on March 1, alleging he tipped Galleon co-founder Raj Rajaratnam about Berkshire Hathaway Inc.’s $5 billion investment in Goldman Sachs, about the bank’s quarterly earnings and about earnings at Procter & Gamble Co., where Gupta was also a director.