Fri, 26 Oct 2012 09:00:00 GMT
Rajat Gupta: From lofty board room to lowly jail cell

One-time poster boy of Indian business in America, Rajat Gupta, on charges of securities fraud marks yet another phase in his roller coaster ride from an orphan to board room to convicted felon



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With the guilty verdict, Gupta became the most prominent defendant convicted so far in a wide-ranging Wall Street inquiry conducted by investigators armed with wiretaps

Ironically, Gupta's fall from grace was brought about by another Indian American, Preet Bharara, nicknamed the "Sherriff of Wall Street", for leading a wave of insider trading probes over the last two-and-a-half years.

"Having fallen from respected insider to convicted inside trader, Gupta has now exchanged the lofty board room for the prospect of a lowly jail cell," as Bharara succintly summed it up after a federal court jury convicted Gupta on three counts of securities fraud and one count of conspiracy.

In photo:
Former Goldman Sachs Group Inc board member Rajat Gupta (L) leaves Manhattan Federal Court with his lawyer, Gary Naftalis, following a guilty verdict in New York June 15, 2012. Gupta was convicted on Friday of illegally tipping his hedge-fund manager friend Raj Rajaratnam with secrets about the investment bank, a major victory for prosecutors seeking to root out insider trading on Wall Street.

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