A symbolic strike for the good guys, for once, as ex-Goldman Sachs bankster Raj Gupta is convicted of insider trading. For an explanation of why Wall Street is a crime scene check out this week’s Disinfo Deal: Danny Schecter’s Plunder: The Crime of our Time. Report from the Los Angeles Times:
A jury has convicted former Goldman Sachs director Rajat Gupta in his high-profile insider-trading case in New York.
A federal jury had been weighing Gupta’s fate for two days. The jury of eight women and four men found Gupta guilty of four criminal counts in a wide government push against insider trading. Gupta was found guilty of three counts of securities fraud and one count of conspiracy for leaking stock tips to Raj Rajaratnam, head of the Galleon Group hedge fund. He was acquitted on two counts of securities fraud.
Each fraud charge carries a sentence of up to 20 years in prison; the conspiracy charge could result in up to five years. Gupta will be sentenced on Oct. 18. Gupta, 63, was the highest-profile defendant to face federal charges in a wide-ranging insider-trading scheme headed by Raj Rajaratnam.
Rajaratnam was found guilty last year and sentenced to 11 years in prison…
[continues in the Los Angeles Times]