Former Goldman Sachs Group Inc board member Rajat Gupta was convicted on Friday of illegally tipping his hedge fund manager and friend Raj Rajaratnam with secrets about the investment bank, a major victory for prosecutors seeking to root out insider trading on Wall Street.
A look at significant events that led to his downfall.
1971 Rajat Gupta graduates from the Indian Institute of Technology-Delhi
1973 Receives MBA from Harvard Business School and joins the New York office of McKinsey & Co
1994 Becomes worldwide managing director of McKinsey
2003 Steps down as worldwide managing director at McKinsey
2006 Appointed director on Goldman Sachs's Board
2007 Begins serving as director on Procter & Gamble's Board
JULY 29, 2008 Gupta and Raj Rajaratnam, founder of Galleon Group, discuss a Goldman Sachs board meeting
SEPT 23, 2008 Takes part in a Goldman Sachs board conference call concerning Berkshire Hathaway's $5 billion preferred stock investment in the firm. Sixteen seconds after the call, Gupta's assistant places a call to Rajaratnam.
SEPT 24, 2008 On a wiretapped phone call, Rajaratnam tells Ian Horowitz, a Galleon trader, about a call he got about a Goldman board meeting shortly before the markets closed on September 23
OCT 23, 2008 Participates in Goldman Sachs board conference call concerning Goldman being on track to report its first quarterly loss since it went public in 1999. Approximately 23 seconds after the call, Gupta called Rajaratnam. The government alleged that Rajaratnam avoided a loss of several million dollars
OCT 24, 2008 Rajaratnam, in a wiretapped conversation, discusses Goldman Sachs earnings with a Galleon employee
JAN 29, 2009 Takes part in a P&G audit committee call discussing the company's earnings to be released the next day. Gupta calls Rajaratnam a few hours later, prosecutors said. Based on the information, the government alleged that Rajaratnam directed some Galleon funds to sell short approximately 180,000 shares of P&G common stock
Highlights of trial:Day 1 | Day 2 | Day 3 | Day 4 | Day 5 | Day 6 | Day 7 | Day 8 | Day 9 | Day 10 | Day 11 | Day 12 | Day 13 | Day 14 | Day 15 | Day 16
MAY 7, 2010 Gupta steps down from the Goldman Sachs Board. Steps down from P&G in March 2011
MARCH 1, 2011 SEC files a civil administrative proceeding against Gupta
MAY 11, 2011 Rajaratnam found guilty on 14 counts of securities fraud and conspiracy
AUG 5, 2011 SEC drops its civil administrative proceeding against Gupta after he files a lawsuit claiming he was singled out for treatment that differed from others in the Galleon probe
OCT 13, 2011 Rajaratnam sentenced to 11 years in prison
OCT 26, 2011 Gupta surrenders to the FBI on criminal charges of leaking inside information to Rajaratnam. SEC also brings new civil insider trading suit against Gupta
JUNE 15, 2012 Gupta convicted on three counts of securities fraud and one count of conspiracy for passing along confidential boardroom information about both companies to a hedge fund that earned millions of dollars trading on his tips