Former Goldman Sachs director convicted in NYC

Former Goldman Sachs director convicted in NYC

June 15th, 2012 by Associated Press in Local - Breaking News

In this Jan. 5, 2012 file photo, former Goldman Sachs board member Rajat Gupta, left, exits Manhattan federal court with his attorney Gary Naftalis, in New York (AP Photo/Mary Altaffer, File)

Photo by Associated Press/Times Free Press.

NEW YORK - A former Goldman Sachs director accused of feeding confidential information to a corrupt hedge fund manager has been convicted of conspiracy and securities fraud.

A jury reached the verdict today in the case against Rajat Gupta (rahj-AHT' GOOP'-tah). Deliberation had begun Thursday in federal court in Manhattan.

Gupta was charged last year in a far-reaching federal probe of alleged insider trading in the hedge fund industry. Prosecutors had accused him of giving his billionaire friend tips the friend used to gain an illegal advantage on massive trades for a hedge fund.

The 63-year-old Gupta claimed all his business dealings were above board. His lawyers argued he was a victim of guilt by association with the hedge fund manager, who's now serving an 11-year prison