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Former Goldman Sachs director Rajat Gupta pleads not guilty in insider trading, released on bail NEW YORK: Rajat Gupta, who pleaded not guilty to charges of securities fraud and that he passed insider information to his billionaire friend Raj Rajaratnam while he was director at Goldman Sachs and Procter & Gamble, was released on Thursday on a $10 million bond. The 62-year-old Indian American had entered his not guilty plea at his arraignment at a US district court on Thursday. He was released on a $10 million bond, secured by his home in Connecticut. Meanwhile, Gupta has made his appearance in US magistrate court in New York before judge Kevin Fox. Following his presentment, he will be arraigned before US district judge Jed Rakoff in the US district court, southern district of New York. Gupta, who surrendered earlier before the FBI, was indicted in a six count indictment on securities fraud. He is accused of sharing confidential information about investments at Goldman Sachs with hedge fund manager Raj Rajaratnam, the Sri Lanka born founder of Galleon Group. He is charged with one count of conspiracy to commit securities fraud and five counts of securities fraud. He faces a maximum penalty of five years in prison on the conspiracy charge and 20 years in prison on each of the securities fraud charges. Gupta, who appeared in court wearing a light blue shirt, has also been ordered to turn over his passport, with travel limited to the continental United States. Back |
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