26 Oct '11, 4am

Major US exec faces insider trading charge: report

Major US exec faces insider trading charge: report

NEW YORK - A former director of Goldman Sachs and the longtime head of prestigious international consultants McKinsey was expected to surrender Wednesday on criminal charges, The New York Times reported. The report, quoting unnamed sources, indicated that Rajat Gupta, who also served on the board of Procter and Gamble, faced charges linked to the insider trading scandal centered on hedge fund magnate Raj Rajaratnam. Charges against Gupta would mark a stunning reversal for one of America's elite executives. The Times quoted a lawyer for Gupta saying: "The facts demonstrate that Mr Gupta is an innocent man and that he acted with honesty and integrity." The contents of the charges was not yet public. However, Gupta has previously been investigated over whether he broke the law by tipping Rajaratnam, the founder of the Galleon Group hedge fund who this month was sentenced to 1...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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