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Ex-Goldman Sachs director denies fraud

Ex-Goldman Sachs director denies fraud

Former Goldman Sachs director Rajat Gupta has pleaded not guilty to insider trading charges. As The Sydney Morning Herald reports, a New York federal judge has freed Gupta on $US10 million ($9.6…

Former Goldman Sachs director Rajat Gupta has pleaded not guilty to insider trading charges.

As The Sydney Morning Herald reports, a New York federal judge has freed Gupta on $US10 million ($9.6 million) bail, but seized his passport.

It was in March this year when the US Securities and Exchange Commission (SEC) announced the insider trading charges against Gupta, which include five counts of securities fraud and one count of conspiracy to commit securities fraud.

According to the SEC, Gupta was charged for illegally giving the founder of Galleon Management and hedge fund manager, Raj Rajaratnam, inside information about the quarterly earnings of both Goldman Sachs and Proctor & Gamble, as well as an impending $5 billion investment in Goldman Sachs by Berkshire Hathaway.

If found guilty, Gupta faces more than 100 years in jail and a $US25 million fine.

Gupta served as a Goldman Sachs board member from November 2006 to May 2010 and served on the board of P&G from 2007 until March this year when he voluntarily stepped down.

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