LOS ANGELES (LALATE) – The Rajat Gupta verdict has been announced; Gupta was found guilty of insider trading moments ago. The Rajat Gupta verdict was announced to news this morning June 15, 2012. Gupta was one of the defendants who was sent to trial in the Raj Rajaratnam scandal.
Counsel for Gupta, the former Goldman Sachs director, claimed that he was being wrongly accused of merely circumstantial evidence. Gupta had been charged with five counts of securities fraud, one count of conspiracy.
Twelve jurors had concluded their first day of deliberations onÂ Friday. The jurors yesterday asked to have testimony read back to them from an ex-Galleon trader.
In heading into deliberations, the jury charge by Judge Jed Rakoff read “Your duty is to decide the fact issues in the case and arrive, if you can, at a verdict. You are to perform your final duty in an attitude of complete fairness and impartiality.”
Rakoff also told the jury that they “must consider each individual charge separately and evaluate each on the proof or lack of proof that relates to that charge.”
On Thursday, the jury issued a note to the judge which read “Dear Your Honor, we could use some clarification on the legal definition of conspiracy.” They were then told that conspiracy is when one “entered into knowingly and willfully between any two or more persons.” He added “if two persons conspire to commit a fraud and one of them makes a telephone call to start the fraud going, the overt act requirement is met even if the fraud is never otherwise carried out.”
Gupta was found guilty in four of six counts of insider trading today.