Former Goldman Sachs director Rajat Gupta faces one count of conspiracy to commit securities fraud and five counts of securities fraud. The trial by jury begins in New York on May 21. FULL COVERAGE
March 12, 2007 Gupta participated by telephone, from the premises of Rajaratnam's New York hedge fund Galleon Group, in the audit committee meeting of the Goldman Sachs board about the company's quarterly earnings to be announced the next day (March 13).Twenty-five minutes after the call ended, Galleon funds bought 3,50,000 shares of Goldman stock.
September 23, 2008 Gupta participated by telephone in a special meeting of the Goldman Sachs board where a $5 billion (Rs 25,000 crore) investment from Berkshire Hathaway was approved. Sixteen seconds after the call, Gupta called Rajaratnam at his New York office.At 3.58 p.m., two minutes before the markets closed, Galleon bought 2,17,200 shares in Goldman stock.
October 23, 2008 Gupta participated by telephone in a Goldman Sachs board meeting where members were told the company was losing $2 (Rs 100) per share that quarter.Twenty three seconds after the call ended, Gupta called Rajaratnam.On October 24, as soon as the markets opened, Galleon sold its entire long position in Goldman Sachs.
January 29, 2009 At 9 am, Gupta participated by telephone from Switzerland in the audit committee meeting of the P&G board, where the next day's quarterly earnings release was discussed, including a lower sales guidance for the fiscal year.At 1.18 p.m., Gupta called Rajaratnam from Switzerland. From 2.52 p.m., Galleon sold 1,80,000 shares of P&G stock.