Raj Rajaratnam/Galleon Group, Anil Kumar, and Rajat Gupta insider trading cases

The Raj Rajaratnam/Galleon Group, Anil Kumar, and Rajat Gupta insider trading cases are parallel and related civil and criminal actions by the United States Securities and Exchange Commission and the United States Department of Justice against three friends and business partners: Galleon hedge fund founder-owner Raj Rajaratnam and former McKinsey & Company senior executives Anil Kumar and Rajat Gupta. In these proceedings, the men were confronted with insider trading charges: Rajaratnam was convicted, Kumar pleaded guilty and testified as key witness in the criminal trials of Rajaratnam and Gupta, and Gupta was convicted in Federal district court in Manhattan in June 2012.

Rajaratnam charges and trial

On October 16, 2009, defendants Raj Rajaratnam and Anil Kumar were arrested and indicted for insider trading and conspiracy. The charges stemmed from an investigation by the United States Attorney's Office into allegations that Rajaratnam conspired in insider trading of stock for several large companies. Rajaratnam was found guilty on all 14 charges and sentenced to 11 years in prison for profiting from tips he received from Robert Moffat, Anil Kumar, Rajiv Goel, and Roomy Khan.[1][2] Danielle Chiesi was sentenced to 30 months in prison with 2 years of supervised release.[3]

During the discovery phase of the criminal trial, the USAO turned over to the defendants the contents of 18,150 wiretapped communications involving 550 different people, which were recorded over the course of sixteen months from ten telephones, including home, office and mobile lines belonging to the defendants.[4]

Kumar maintained a low profile outside McKinsey until an October 2009 arrest in conjunction with an ongoing and wide-ranging US governmental investigation into insider trading.[5] Former mentor Rajat Gupta was later arrested by the FBI in a related case,[6] prompting inquiries into McKinsey’s senior leadership and business model.[7][8]

As of December 2009, Kumar was no longer at the consultancy.[9] In January 2010 he pleaded guilty to insider trading charges[10] and was the government’s star witness in March 2011 in U.S. v Rajaratnam against his billionaire friend and Galleon Group founder Raj Rajaratnam.[11][12] In the sprawling case his involvement was unusual; according to a Reuters blog, “He’s the only informant who could be considered even more successful than Raj was, at least professionally if not in terms of raw cash. Raj had money, more money than he really knew what to do with, but Kumar had much more societal acceptance and prestige.”[13] He settled with the SEC in May 2010 for $2.8 million, the amount after gains he received from Rajaratnam through a Swiss bank account in a domestic worker's name.[14] Gupta, Rajaratnam, and Kumar were all close friends and had founded the $1.3-billion private equity firm New Silk Route together, though Rajaratnam and Kumar withdrew before the firm began operation.[15]

On October 26, 2011 the United States Attorney's Office filed charges against Rajat Gupta. He was arrested in New York City by the FBI and pleaded not guilty. He was released on $10 million bail (secured by his Connecticut house) on the same day. Gupta's lawyer wrote in an e-mail quoted in Bloomberg, “Any allegation that Rajat Gupta engaged in any unlawful conduct is totally baseless .... He did not trade in any securities, did not tip Mr. Rajaratnam so he could trade, and did not share in any profits as part of any quid pro quo.”[16] "The tips generated 'illicit profits and loss avoidance' of more than $23 million, the [SEC] alleged in [the] lawsuit. 'Rajat Gupta was entrusted by some of the premier institutions of American business to sit inside their boardrooms, among their executives and directors, and receive their confidential information so that he could give advice and counsel,' said Manhattan U.S. Attorney Preet Bharara, whose office is prosecuting the case."[17]

Origins of the case

On Friday October 16, 2009, Raj Rajaratnam was arrested by the FBI and accused of conspiring with others in insider trading in several publicly traded companies. U.S. Attorney Preet Bharara put the total profits in the scheme at over $60 million, telling a news conference it was the largest hedge fund insider trading case in United States history.[18][19] Jim Walden, an attorney for Mr. Rajaratnam, said his client is innocent and will fight the insider-trading charges.[20]

Rajaratnam allegedly profited from information received from:

It was reported that Rajaratnam, Goel and Kumar were all part of the class of 1983 from Wharton school.[23]

The Sri Lankan stock market fell sharply after his arrest on insider trading charges in October 2009.[24] Sri Lanka's Securities and Exchange Commission is reviewing the active stock trading of Raj Rajaratnam with a view of identifying any insider trading.[25]

It said he also conspired to get confidential information on the $5 billion purchase by Warren Buffett’s Berkshire Hathaway of Goldman preferred stock before the September 2008 announcement of that transaction. The Wall Street Journal reported in April that a former member of the board of directors of Goldman Sachs and former McKinsey & Company chief executive Rajat Gupta told Rajaratnam about Berkshire's investment before it became public.[26] Gupta stood to profit as would-be chairman of Galleon International, a co-founder of New Silk Route with Rajaratnam, and as a friend of Rajaratnam. In March 2011 Gupta was charged in an administrative proceeding by the SEC. Gupta maintained his innocence, countersued, won dismissal of the administrative charge, then was arrested on criminal charges.

Gupta charges and trial

On March 19, 2010, it was announced that Gupta had decided not to stand for re-election to the Goldman Sach’s board of directors. At the time this was seen as a reaction to the insider trading implications; however, wiretaps released over a year later in U.S. v Rajaratnam of Anil Kumar speaking to Rajaratnam reveal an anticipated conflict-of-interest with a senior advisory role at Kohlberg Kravis Roberts.[27] Gupta has since stepped down as senior advisor to KKR.

On April 15, 2010, the Wall Street Journal reported that federal prosecutors in the United States were investigating Gupta's involvement in providing insider information to Galleon hedge-fund founder Raj Rajaratnam during the financial crisis,[28] in particular the $5 billion Berkshire Hathaway investment in Goldman Sachs at the height of the financial crisis in September, 2008.[29] Coverage of the event noted that Anil Kumar — who, like Gupta, had graduated from IIT, was a longtime highly regarded senior partner at McKinsey, and had also co-founded the ISB — had already pleaded guilty to charges in the same case.[30] Gupta, Kumar, and Rajaratnam were all close friends and business partners.

When Goldman Sachs CEO Lloyd Blankfein asked Gupta about his insider trading rumors breaking in the press, Gupta replied, “I wouldn’t have had anything to do with that."[31]

On March 1, 2011, the SEC filed an administrative civil complaint against Gupta for insider trading. It is alleged that he illegally tipped Rajaratnam with insider information about Goldman Sachs and Procter & Gamble while serving on the boards of both companies.[32] Rajaratnam, it is alleged, "used the information from Gupta to illegally profit in hedge fund trades. ... The information on Goldman made Rajaratnam's funds $17 million richer. ... The Procter & Gamble data created illegal profits of more than $570,000 for Galleon funds managed by others," the SEC said.

"After a [Goldman Sachs] board call ... Mr. Gupta is said to have hung up the phone and called Mr. Rajartnam 23 seconds later. The next morning, the SEC says, Galleon funds sold their Goldman holdings, avoiding losses of more than $3 million," The New York Times continued.[33]

Gupta "vigorously denied the SEC accusations."[34] He is being represented by respected white-collar criminal attorney Gary Naftalis of Kramer Levin Naftalis & Frankel LLP in connection with the charges. Mr. Naftalis "strongly denied that [Gupta had] done anything wrong" in 2010 when Gupta's name was first mentioned relative to the case[35] and said in March 2011 that the SEC charges were "totally baseless." Naftalis went on to say "that Gupta is not accused of receiving anything in exchange for information provided [and that] Gupta lost his entire investment in Galleon by fall 2008."[36] The lost investment was specified to be "USD 10 million ... in the Galleon Buccaneers Voyager Fund."[37]

Naftalis, 70, and the judge in the case Jed Rakoff, 68, are "longtime friends", according to a report during the trial which also noted a certain jocularity between them, including a joke about relative reputations of different educational institutions, in open court.[38]

Another important aspect of insider trading is gain—Gupta's lawyer Naftalis said on March 1 that "Gupta is not accused of receiving anything in exchange for information." Yet a week later in U.S. v Rajaratnam it emerged that "Mr Rajaratnam ... might pay Mr Gupta with a large stake in the fund, and that Mr Rajaratnam loaned Mr Gupta money so he could increase his investment in a Galleon fund.”[39] It also emerged that Mr. Gupta was in talks to become chairman of Galleon International, and therefore also stood to profit.[40] Wiretaps in U.S. v Rajaratnam were later played of Gupta asking Rajaratnam, "I want ... us to keep having the dialog as to ... how I can be helpful in Galleon International [and] Galleon Group."

After Rajaratnam's conviction and the revelations about to Gupta in the Rajaratnam trial, the difficulty of SEC's proving even the civil charges against Gupta was still deemed considerable by observers. Among other aspects, the May, 2011, Bloomberg report noted that, "[r]emarkably, none of Gupta's alleged criminal tips to Rajaratnam appear to have been captured on the FBI's wiretaps." But the report also noted a March 2010 e-mail from Gupta to Ajit Rangnekar, dean of the Indian School of Business, with denials, assertions and, in the reporter's opinion, "obvious inaccuracies," leaving many questions on how the cases and story would yet unfold.[41]

In the immediate aftermath of the SEC's filing of charges on March 1, 2011, "[s]pokesmen at American Airlines and Harman said they had no comment. Genpact, where Gupta is chairman, issued a statement saying he 'has made invaluable contributions to Genpact, and has always sought to hold Genpact to the highest standards of integrity and corporate governance.’”[42] Gupta also served on the board of and Procter & Gamble (P&G), but stepped down immediately on March 1, 2011 "to prevent any distraction to the P&G board and our business," said a spokesman.[36] On March 7, 2011 he resigned from the boards of AMR Corp, American Airlines, Harman International and ultimately Genpact Ltd.[37]

On March 10, 2011, Gupta stepped down as chair of the International Chamber of Commerce “until a satisfactory resolution of the case."[43] On March 15 he stepped down as chairman of the Public Health Foundation of India.[44] On March 20 he resigned as chairman of the Indian School of Business, after some controversy at the school and in India.[45] On March 29 he stepped down as advisor to the Gates foundation.[46] By April 2011 he had resigned from every board chairmanship or membership.[47]

In the high-profile insider trading case U.S. v Rajaratnam unfolding near the same time (March 2011), wiretaps were played of Gupta describing to Rajaratnam elements of the confidential meetings of the board of directors of Goldman Sachs, including its possible willingness to purchase commercial bank Wachovia or insurer AIG.[40] On March 15, 2011 an FBI wiretap from July 28, 2008 was played in the U.S. v Rajaratnam trial between Rajat Gupta and Raj Rajaratnam in which the two men discuss Goldman Sachs, Anil Kumar, Galleon International and Kohlberg Kravis Roberts. The tapes caused concern for several reasons:

As the tapes were released McKinsey was holding its regular annual partners conference, and according to a spokeswoman was "monitoring the matter and taking it seriously as you would expect.” [52] They later released a statement saying they were "appalled and deeply dismayed."[53] The firm has come under heavy criticism for having its former longtime senior partners and leaders (Gupta and Kumar) as well as a junior partner (Palecek) all involved in the insider trading scandal. On March 18, 2011 Gupta countersued the SEC (SDNY 11 Cv. 1900). The court filing read, "Mr. Gupta denies all allegations of wrongdoing and stands ready to mount a defense against each and every one of the Commission's charges. Yet under current Commission rules, Mr. Gupta would be deprived of a jury trial, the right to use the discovery procedures of the federal court to shape his defense and the protections of the federal rules of evidence, which were crafted to bar unreliable evidence."[54] The countersuit said the SEC action "'unfairly and unconstitutionally' singles him out,” as he is to date the only person not employed by a broker-dealer ever charged by the SEC in administrative proceedings.[55] It is not known whether the provisions of Dodd-Frank (the law allowing for SEC administrative proceedings in this instance) may be applied retroactively to before the law’s existence, as the SEC has claimed in charging Gupta.[54]

On March 23, 2011 Goldman Sachs CEO Lloyd Blankfein testified that Gupta had in fact divulged board-privileged material to Rajaratnam, though the particular information was allegedly confidential and not material nonpublic (the legal standard for insider trading).[56]

In July 2011, U.S. District Judge Rakoff refused to throw out the countersuit against the SEC[57] and in August, Gupta and the SEC agreed to drop their respective actions against each other. The judge had drawn attention to the fact that all 28 other SEC actions stemming from the Galleon case had been filed in federal court. As part of the August agreement, the SEC agreed to file any future charges against Gupta in federal court in New York where they would be assigned to Rakoff. There was no comment on whether such charges would be filed.[58]

Just over three months after the SEC allegations of insider trading, Goldman Sachs shareholder James Mercer filed suit against Gupta "seeking to recover any 'short-swing' profits on Goldman's behalf."[59]

In late September, 2011, The Wall Street Journal reported that federal prosecutors were "fully committed" to filing criminal charges and were "moving closer toward bringing" them.[60][61] They had previously sparred over how, when, and whether to arrest or sue Gupta, in "a bitter dispute between federal prosecutors and securities regulators."[62]

On October 26, 2011 the United States Attorney's Office filed charges against Gupta. He was arrested in New York City by the FBI and pleaded not guilty. He was released on $10 million bail (secured by his Connecticut house) on the same day. Gupta's lawyer wrote in an e-mail quoted in Bloomberg, “Any allegation that Rajat Gupta engaged in any unlawful conduct is totally baseless .... He did not trade in any securities, did not tip Mr. Rajaratnam so he could trade, and did not share in any profits as part of any quid pro quo.”[16] "The tips generated 'illicit profits and loss avoidance' of more than $23 million, the [SEC] alleged in [the] lawsuit. 'Rajat Gupta was entrusted by some of the premier institutions of American business to sit inside their boardrooms, among their executives and directors, and receive their confidential information so that he could give advice and counsel,' said Manhattan U.S. Attorney Preet Bharara, whose office is prosecuting the case."[17]

Former Federal prosecutor Douglas Burns, who in March had said he expected an SEC-Gupta consent agreement,[63] also previewed a Gupta no-quid pro quo defense plan on Bloomberg the day of the arrest.[64]

Three days before Gupta's arrest, Rajaratnam was reported to have said that the prosecutors had wanted him to wear a wire and tape his conversations with Gupta. "It was Rajaratnam’s understanding that were he to plead guilty and wear a wire, he might be offered a sentence of as little as five years. With good behavior, he could be out in 85 percent of that time," the report continued. Rajaratnam did not — and has not ever, at time of writing — cooperated with federal prosecutors. He has been sentenced to 11 years in prison.[65]

The trial on six counts of securities fraud and one count of conspiracy will commence before Judge Rakoff May 21, 2011. The case is U.S. v. Gupta, 11-cr-00907, U.S. District Court, Southern District of New York (Manhattan). The date represents a six-week delay granted the defense after the prosecution broadened the indictment, adding a new charge based on a March 12, 2007, conference call and also regarding Goldman information. Each of the fraud counts carries up to 20 years in prison and the conspiracy count up to five years. Gupta also faces a fine of as much as $5 million, prosecutors said. They also said that his "investments with Rajaratnam -- $10 million and an ownership stake in at least two funds -- gave him the motive to engage in insider trading", according to one news report. The parties also discussed another possible Rajaratnam "tipster" being investigated at Goldman. The second individual had no relation to the Gupta charges and the judge agreed with the prosecution to keep the witness statements on the individual under seal.[66] David Loeb, a Goldman Sachs managing director, Henry King, a Goldman Sachs analyst, and Matthew Korenberg, a Goldman Sachs analyst, are being investigated by the government as tippers to hedge funds.[67][68][69]

The same day as US v. Gupta, the SEC sued Gupta again (this time not in an administrative proceeding) over civil claims related to the criminal charges in US v. Gupta.

In April, 2012, another charge relating to passing P&G information was added by the prosecution. Gupta's lawyers said that "newly added charges -- like the ones brought last year -- are not based on any direct evidence, but rely on supposed circumstantial evidence". More new charges based on new information may follow.[70] Also in April, CNBC reported that the U.S. Attorney's office in Los Angeles was investigating an unnamed current Goldman employee for providing inside information about Apple and Intel to Rajaratnam. The defense has maintained that "the wrong person is on trial".[71]

In early May, 2012, a pre-trial defense motion for access to SEC settlement-negotiation documents was denied by Judge Rakoff.[72] Also in early May, the prosecution made a motion to play in trial three FBI wiretaps of two Rajaratnam "conversations with his principal trader and another with Galleon's then portfolio manager" related to the Goldman Sachs information.[73] As well, details of wiretap recordings and trading activity related to the charges were analyzed at length in the media, assessing the strengths and weaknesses of the prosecution's and defense's cases.[74][75][76]

Gupta was found guilty of conspiracy and three counts of securities fraud on June 15, 2012. He was acquitted on two counts of securities fraud in federal court in New York. He now faces up to 20 years in prison on each of the fraud charges and five years on the conspiracy charge. Sentencing is set for Oct. 18.[77]

FriendsofRajat.com

"[W]orld-renowned speaker Deepak Chopra and Mukesh Ambani, the ninth-richest man in the world [and] ... chairman of Reliance Industries", were among supporters of Gupta's registered on a friendsofrajat.com website prior to the trial. The site was established by retired McKinsey associate of Gupta's Atul Kanagat.[78] This has come into play in the trial of Gupta for character witness purposes.[79]

Relationships of Rajaratnam, Gupta and Kumar

Rajat Gupta and Anil Kumar were senior partners together at McKinsey & Company for over a decade, among the earliest and best-regarded Indian-Americans in management consulting. They became friends and enjoyed a mentor-protégé relationship early into Kumar's career as senior partner. The two men co-founded the Indian School of Business in 1997 and "were the face of McKinsey in India."[80]

According to The Financial Times, "the two operated as a forceful double-act to secure business for McKinsey, win access in Washington and build a brotherhood of donors around the Hyderabad-based ISB and a handful of social initiatives." [80]

Gupta first met Raj Rajaratnam while fundraising with Kumar for the Indian School of Business in 1999. Rajaratnam and Kumar had attended Wharton business school together in the 1980s. Two years later Gupta and Rajaratnam served together on the board of directors of the American India Foundation.[81]

In 1999 Rajaratnam filed a lawsuit against the Gupta-advised TeleSoft partners and its founder Arjun Gupta (no relation), a former McKinsey consultant himself[82]

Gupta, Rajaratnam, and Kumar were all involved to varying degrees in the creation of private-equity firms Taj Capital and New Silk Route. Gupta had written Rajaratnam's home address as his own in the fund formation papers.[83] Rajaratnam and Kumar were founding partners of the private-equity firms but left before they began operation. Kumar testified that he was "treated...poorly" by his friends in the formation of the firms.[84] Gupta remained founding partner and chairman of New Silk Route, and Rajaratnam eventually invested $50 million in New Silk Route.[85]

While they were both senior partners, Gupta and Kumar "created a company called Mindspirit LLC in 2001 as a vehicle for their two families to make investments."[84] Mindspirit consulted with Infogroup and its then-CEO Vinod Gupta (also no relation) in return for stock options, though an Infogroup SEC filing would later question the payment and the business relationship between the two companies. Vinod Gupta would also say that Mindspirit was "created by the wives of Rajat Gupta and Anil Kumar."[41][86] Rajat Gupta and Anil Kumar's work at Mindspirit and the relationship with Genpact both broke McKinsey's own rules on external for-profit involvements, according to McKinsey's head of communications[86] — though it was later shown that McKinsey had no rule explicitly prohibiting such consulting.[87] Former President Bill Clinton was also an investor in the Infogroup transaction; his daughter Chelsea previously worked under Gupta and Kumar at McKinsey.[86] Clinton had also served as chairman of the American India Foundation with Gupta and Rajaratnam.

During the dot-com bubble of the late 1990s, Gupta and Kumar had created a program to allow McKinsey to accept stock in lieu of consulting fees.[88]

Rajaratnam intended to make Gupta chairman of "Galleon International," an expansion of the Galleon Group.[48] Rajaratnam considered paying Gupta "with a large stake in the fund."[39]

Gupta was "a regular presence at Galleon’s offices ... and showed up there periodically for lunch. Mr. Rajaratnam’s secretary would order in Indian or Chinese food and the two men would sit in Mr. Rajaratnam’s office and chat."[89] Gupta visited Rajaratnam "biweekly" in September 2008 during the financial crisis.[41]

Rajaratnam and Kumar vacationed together in Kenya, Africa and Miami, Florida.[90][91] Kumar was a regular visitor to Gupta's houses in Connecticut, Colorado, Manhattan and Florida.[92] Gupta was "regularly invited" to Rajaratnam's house in Manhattan and for Galleon parties.[91][93]

Gupta and Rajaratnam were also connected through Goldman Sachs. From 2006 - 2010 Gupta served on the board of the bank, by which point Rajaratnam's Galleon Group "paid hundreds of millions of dollars a year to its Wall Street banks and in return regularly received market information that would not have been disclosed to most investors."[94] Gupta and Rajaratnam also used their Goldman Sachs relationships to market New Silk Route.[95]

Gupta and Kumar both personally invested in Rajaratnam's Galleon funds, though Gupta lost a $10 million investment in Galleon's Voyager fund.[53] Rajaratnam also "loaned Mr Gupta money so he could increase his investment in a Galleon fund."[39]

Gupta knew that Rajaratnam was sending money to Kumar against McKinsey policies and possibly illegally.

The three men were also not above gossip: Rajaratnam said Gupta "seemed tormented" while on the phone with Kumar, then turned around and called Kumar a "mini-Rajat" while on the phone with Gupta.[96] Rajaratnam also told Kumar that "there had been a lot of innuendos" about Gupta and Lata Krishnan, with whom Gupta had co-founded the American India Foundation.[97]

Other concurrent insider-trading cases

With the conviction of Gupta, the US attorney in Manhattan Bharara's office had the case of Anthony Chiasson, a co-founder of the once-prominent hedge fund Level Global Investors, still ahead of it.[98]

Other cases stemming from Rajaratnam original case

The president of Insight Research, a privately held investment research company, has been arrested and charged with insider trading as part of the US government’s investigation into illegal trading by the Galleon Group hedge fund. Tai Nguyen surrendered to the Federal Bureau of Investigation’s New York office on June 26, 2012 according to an FBI spokesman. He later pleaded guilty to one count of conspiracy to commit securities fraud.[99][100]

References

  1. ↑ Lattman, Peter; Ahmed, Azam (May 11, 2011). "Galleon's Rajaratnam Found Guilty". New York Times. Retrieved May 11, 2011.
  2. ↑ Bray, Chad; Pulliam, Susan (October 14, 2011). "Rajaratnam Gets 11 Years in Insider-Trading Case". The Wall Street. p. A1. Retrieved October 13, 2011.
  3. ↑ Pavlo, Walter (February 8, 2010). "Danielle Chiesi – 30 Months in Prison and A New Life". Forbes. p. A1. Retrieved February 28, 2012.
  4. ↑ SEC v. Rajaratnam, 622 F.3d 159 (2nd Cir. 2010) (opinion full text).
  5. ↑ de la Merced, Michael. “Hedge Fund Chief Is Charged With Fraud”. The New York Times. October 16, 2009.
  6. ↑ Rothfield, Michael, Susan Pulliam and Chad Bray. “Ex-Goldman Director Gupta Charged in Insider Case”. The Wall Street Journal. October 26, 2011.
  7. ↑ Gapper, John. “McKinsey Model Springs a Leak”. The Financial Times. March 9, 2011.
  8. ↑ Salmon, Felix. “McKinsey's Corrupted Culture”. Reuters. March 9, 2011.
  9. ↑ Bray, Chad, “Galleon Figure Kumar No Longer with McKinsey”. The Wall Street Journal. December 4, 2009.
  10. ↑ Kouwe, Zachery. “Guilty Plea in Galleon Insider Trading Case”. The New York Times. January 7, 2010.
  11. ↑ Rothfeld, Michael and Susan Pulliam. “Calling Miss Manners: Tapes in Galleon Case Show Some Snark”. The Wall Street Journal. March 17, 2011.
  12. ↑ Rothfeld, Michael, Susan Pulliam and Chad Bray. “Fund Titan Found Guilty”. The Wall Street Journal. May 12, 2011.
  13. ↑ Salmon, Felix. “How to Set Up An Insider-Trading Network”. Reuters. May 12, 2011.
  14. ↑ Bray, Chad. “Kumar Settles SEC Charges in Galleon Case”. The Wall Street Journal. May 17, 2010.
  15. ↑ Scannell, Kara. “Insider Trading Star Witness Challenged”. The Financial Times. March 17, 2011.
  16. 1 2 Hurtado, Patricia, "Rajat Gupta Surrenders to Federal Authorities", Bloomberg, October 26, 2011. Retrieved 2011-10-26.
  17. 1 2 Hurtado, Patricia , David Glovin and Chris Dolmetsch, "Ex-Goldman Director Gupta Indicted in Probe of Rajaratnam Trades", Bloomberg Businessweek, October 27, 2011.
  18. ↑ Michael J. De La Merced; Zachery Kouwe (October 18, 2009). "Arrest of Hedge Fund Chief Unsettles the Industry". The New York Times. Retrieved October 19, 2009.
  19. ↑ "SEC Charges Billionaire Hedge-Fund Manager with Insider Trading – Dispatch – WSJ". The Wall Street Journal. 2009-10-16. Retrieved 2010-08-11.
  20. ↑ "Officials Say Investor's Donations Wound Up With Sri Lanka Rebels". The Wall Street Journal. 2009-10-19. Retrieved 2010-08-11.
  21. ↑ Bandler, James (July 6, 2010). "Dangerous liaisons at IBM: Inside the biggest hedge fund insider-trading ring". CNN.
  22. ↑ USDC NDCA case no. 5:01-cr-20029-JW USA v. Khan
  23. ↑ O'Connor, Sarah (2009-10-20). "Class of '83 author recalls 'likeable'guy". Financial Times. Retrieved 2009-10-21.
  24. ↑ "Sri Lanka Stocks Fall on Rajaratnam’s Fund Redemption Concerns". Bloomberg. October 20, 2009.
  25. ↑ "Sri Lanka Investigates Rajaratnam". lankaenews.com. Retrieved 2010-08-11.
  26. ↑ McCool, Grant (2010-05-14). "Exclude Goldman, other stocks from case: Rajaratnam". Reuters. Retrieved 2010-08-11.
  27. ↑ Lattman, Peter (March 13, 2011). "Figure in Insider Case Sought to Quit Goldman". The New York Times.
  28. ↑ Pulliam, Susan (April 15, 2010). "Goldman Director Gupta to Leave". The Wall Street Journal.
  29. ↑ James, Frank, "Goldman Sachs Director Tied To Insider-Trading Scandal", NPR "two-way" blog, April 23, 2010 12:47 pm. Retrieved 2011-03-01.
  30. ↑ "ISB aiming to be world No.1: Gupta", The Financial Express, August 6, 2010 at 1408 hrs IST.
  31. ↑ Hurtado, Patricia (2011-03-24). "Ex-Goldman Board Member Gupta Took Fifth Amendment, Judge Told". Bloomberg. Retrieved 2011-05-15.
  32. ↑ "Board Member of Goldman Sachs and Procter & Gamble Charged in Insider Trading Scheme". www.sec.gov. Retrieved 2011-03-01.
  33. ↑ Lattman, Peter and Susanne Craig, "Goldman C.E.O. Could Testify in Galleon Trial", The New York Times DealBook, March 3, 2011, 11:15 pm. Retrieved 2011-03-04.
  34. ↑ "Ex-Goldman Director Charged With Insider Trading", The Associated Press via NPR, March 1, 2011. Retrieved 2011-03-01.
  35. ↑ Sharma, Amol, "Rajat Gupta: Indian Business Hero Under Fire", The Wall Street Journal RealTimeIndia, May 6, 2010, 5:54 PM IST. Retrieved 2011-03-03.
  36. 1 2 Popper, Nathaniel, "Rajat Gupta, former Goldman Sachs director, faces SEC accusations", The Los Angeles Times, March 2, 2011. Retrieved 2011-03-03.
  37. 1 2 "Rajat Gupta resigns from three corporate boards", PTI via The Times of India, March 8, 2011, 09.51am IST. Retrieved 2011-03-08.
  38. ↑ Glovin, David, and Patricia Hurtado, "Gupta Judge Trades Quips With Lawyer; Trial Takes Day Off", BloombergBusinessweek, June 06, 2012. Retrieved 2012-06-07.
  39. 1 2 3 "Trial tapes capture Goldman bank deal talk". Ft.com. Retrieved 2011-05-15.
  40. 1 2 Lattman, Peter (March 15, 2011). "On Tape, Galleon Founder Told of Possible Goldman Deals". The New York Times.
  41. 1 2 3 4 Andrews, Suzanna (May 19, 2011). "How Rajat Gupta Came Undone (cover)". Bloomberg BusinessWeek. Retrieved 2011-05-19.
  42. ↑ Popper, Nathaniel (March 2, 2011). "Rajat Gupta, former Goldman Sachs director, faces SEC accusations". Los Angeles Times.
  43. ↑ "ICC appoints new Chairman", ICC website posting, 10 March 2011. Retrieved 2011-03-20.
  44. ↑ Dead link at wap.business-standard.com.
  45. ↑ Headlines Today Bureau (2011-03-21). "Rajat Gupta quits as Indian School of Business chairman : India: India Today". Indiatoday.intoday.in. Retrieved 2011-05-15.
  46. ↑ Rajghatta, Chidanand, (Mar 29, 2011). "Gupta quits Gates Foundation". The Times Of India.
  47. ↑ "Rajat Gupta quits as Indian School of Business chairman". Indianexpress.com. 2011-03-22. Retrieved 2011-05-15.
  48. 1 2 "Gupta Tapes Not Enough for Charges in Galleon Case, Lawyers Say". Businessweek. 2011-03-17. Retrieved 2011-05-15.
  49. ↑ "Ties with Rajaratnam were strained". Times of India. 2011-03-04. Retrieved 2011-05-15.
  50. ↑ Glovin, David (2011-03-16). "Rajaratnam Was Told by Gupta Goldman Sachs Considered Buying Wachovia, AIG". Bloomberg. Retrieved 2011-05-15.
  51. ↑ "Did millionaire Rajat Gupta suffer from billionaire envy?". The Economic Times. Mar 27, 2011.
  52. ↑ Lublin, Joann S. (March 15, 2011). "McKinsey Head Reacts to Insider-Trading Trial". The Wall Street Journal.
  53. 1 2 McCool, Grant, and Dena Aubin (2011-03-30). "McKinsey in uncomfortable Rajaratnam trial glare". Reuters.com. Retrieved 2011-05-16.
  54. 1 2 Gupta v. SEC suit document wsj.com'.
  55. ↑ Bray, Chad, "Ex-Goldman Director Sues SEC Over Charges", The Wall Street Journal (partially restricted access), March 19, 2011
  56. ↑ Lattman, Peter; Ahmed, Azam (March 23, 2011). "Blankfein Describes Financial Crisis Board Meetings at Galleon Trial". The New York Times.
  57. ↑ "Judge Rakoff Won't Toss Rajat Gupta Suit Against SEC"; posted by Nate Raymond; from The Litigation Daily; July 12, 2011 4:59 PM. Retrieved 2011-08-07.
  58. ↑ Van Voris, Bob, and Joshua Gallu, "Rajat Gupta, SEC Agree to Drop Galleon-Related Suit, Administrative Action", Bloomberg, Aug 5, 2011 10:45 AM ET. Retrieved 2011-08-07.
  59. ↑ Bray, Chad. "Goldman Ex-Director Sued Over Alleged Tips in Galleon Case". The Wall Street Journal. June 7, 2011.
  60. ↑ Rothfeld, Michael, Susan Pulliam and Jean Eaglesham, "Focus on Goldman Ex-Director" (restricted subscription access), The Wall Street Journal, September 21, 2011. Retrieved 2011-09-21.
  61. ↑ Scannell, Kara, "SEC drops insider trading case against Gupta", The Financial Times, August 5, 2011 12:49 am.
  62. ↑ Dead link at cnbc.com; "SEC Brawls With US Attorneys Over Insider Trading Case", n.d.
  63. ↑ "Burns Expects an SEC-Gupta `Consent Agreement': Video", Bloomberg, March 1, 2011. Citation based on headline alone, not the video linked to. Retrieved 2011-10-26.
  64. ↑ "Burns Says Gupta Defense Will Argue No `Quid Pro Quo'", Washington Post w/ Bloomberg video, Oct. 26, 2011. Retrieved 2011-10-26.
  65. ↑ Mehta, Suketu, "The Outsider: In an exclusive interview, Raj Rajaratnam reveals ...", The Daily Beast, October 23, 2011 10:00 AM EDT. Retrieved 2011-10-26.
  66. ↑ Hurtado, Patricia, "Gupta Wasn’t Rajaratnam’s Only Goldman ‘Insider,’ U.S. Says", Bloomberg, February 8, 2012. Retrieved 2012-02-08.
  67. ↑ Bonnie Kavoussi (2012-02-29). "David Loeb, Top Goldman Exec, Under FBI Investigation: Report". Huffington Post. Retrieved 2012-06-11.
  68. ↑ Patricia Hurtado (Apr 20, 2012). "Rajaratnam Had Two Goldman Employee Tippers, Lawyers Say". Bloomberg. Retrieved 2012-06-11.
  69. ↑ Peter Lattman (April 26, 2012). "Federal Prosecutors Are Said to Be Examining Goldman Banker". New York Times. Retrieved 2012-06-11.
  70. ↑ McCool, Grant, "US adds new insider trading allegation against ex-Goldman director", Reuters, April 16, 2012. Retrieved 2012-05-03.
  71. ↑ "New insider trading probe may help Rajat Gupta", IANS in Hindustan Times, April 20, 2012. Retrieved 2012-05-03.
  72. ↑ Van Voris, Bob, "Rajat Gupta Loses Bid to Get Witness Evidence in SEC Lawsuit", Bloomberg, May 2, 2012. Retrieved 2012-05-03.
  73. ↑ McCool, Grant, "The prosecution US wants Gupta insider trading jury to hear Rajaratnam calls", Reuters, May 1, 2012. Retrieved 2012-05-03.
  74. ↑ Rothfeld, Michael, Susan Pulliam and Rob Barry, "New Ripples for Gupta Case" (intro only without subscription), The Wall Street Journal, May 3, 2012. Retrieved 2012-05-12.
  75. ↑ Levine, Matt, "Rajat Gupta’s Lawyers May Try The 'Everybody Was Doing It' Defense", dealbreaker.com, 04 May 2012. Retrieved 2012-05-12.
  76. ↑ Frankel, Alison, Column: In Gupta case, challenge for prosecutors: Frankel, opinion, Thomson Reuters, May 10, 2012. Retrieved 2012-05-12.
  77. ↑ Spain, William, "Gupta convicted of conspiracy, securities fraud", AP via MarketWatch, June 15, 2012. Retrieved 2012-06-15.
  78. ↑ "Friends with benefits", New York Post, March 3, 2012. Retrieved 2012-05-03.
  79. ↑ Patricia Hurtado (May 25, 2012). "Gupta's Davos-Worthy Friends Praise 'Other Rajat'". San Francisco Chronicle.
  80. 1 2 "Elite takes sides as Gupta fights SEC charges". Ft.com. Retrieved 2011-05-15.
  81. ↑ Page 2 of 2 (2009-12-15). "Page 2: Raj Rajaratnam Indicted for Insider Trading - ABC News". Abcnews.go.com. Retrieved 2011-05-15.
  82. ↑ Glovin, David, "Rajaratnam Sued Partner for Leaving Him Out of Venture-Capital Transaction", Bloomberg, Apr 27, 2010 6:15 am ET.
  83. ↑ McDonald, Duff (September 30, 2010). "Rajat Gupta: Touched by scandal - Full version". CNN.
  84. 1 2 Van, Bob (2011-03-16). "Rajaratnam Lawyer Challenges Kumar’s Testimony on Insider Tips, Payments". Bloomberg. Retrieved 2011-05-15.
  85. ↑ "/ Companies / Financial Services - Insider trading trial star witness challenged". Ft.com. Retrieved 2011-05-15.
  86. 1 2 3 Helyar, John, Carol Hymowitz and Mehul Srivastava. “Rajat Gupta Secretly Defied McKinsey Before SEC Says Rajaratnam Was Tipped”. Bloomberg Markets Magazine. May 16, 2011.
  87. ↑ The Wall Street Journal https://www.wsj.com/articles/SB10001424052702303640104577440451784326274. Missing or empty |title= (help)
  88. ↑ Leonhardt, David. “Big Consultants Woo Employees by Offering a Piece of the Action”. The New York Times. October 22, 1999.
  89. ↑ Lattman, Peter (March 1, 2011). "Ex-Goldman Director Accused of Passing Illegal Tips". The New York Times.
  90. ↑ Hays, Tom and Larry Neumeister. "Wiretaps captivate NY insider trading trial". The Associated Press. March 27, 2011.
  91. 1 2 Raghavan, Anita (October 11, 2010). "Power And Pleasure". Forbes.
  92. ↑ "This boss is never shy of making unpopular moves". TNN, via The Economic Times. October 24, 2007.
  93. ↑ "Today's Market News - TD Ameritrade". Research.TDAmeritrade.com. 2011-04-11.
  94. ↑ Sender, Henry. "Galleon paid banks millions for ‘edge’". The Financial Times. October 28, 2009
  95. ↑ "Goldman Sachs board members do lots of business with the firm’s clients". Dealbreaker.com. 2010-04-16. Retrieved 2011-05-15.
  96. ↑ Rothfeld, Michael (March 17, 2011). "Calling Miss Manners: Tapes in Galleon Case Show Some Snark". The Wall Street Journal.
  97. ↑ "August 15, 2008 wiretap intercept (page 9)" (PDF). The Wall Street Journal.
  98. ↑ Ahmed, Azam, and Peter Lattman, "Victory Spurs Speculation on Bharara’s Next Move", The New York Times DealBook blog, June 15, 2012. Retrieved 2012-06-16.
  99. ↑ Kara Scannell (June 26, 2012). "Insight chief charged with insider trading". Financial Times.
  100. ↑ Basil Katz (June 26, 2012). "Research firm exec admits insider trading charges". Reuters.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.