The prosecution and defense presented their closing arguments in the high-profile insider trading trial of Gupta in Manhattan federal court yesterday and the case will now go to the jury, which will get instructions on the law from presiding judge Jed Rakoff.
The prosecutors have told a US jury that there is "overwhelming" and "devastating" evidence of insider trading against former Goldman Sachs director Rajat Gupta but the defense argued there is no "beef in the case" as the hearing in one of the Wall Street's biggest scandal wrapped up.
The prosecution and defense presented their closing arguments in the high-profile insider trading trial of Gupta in Manhattan federal court yesterday and the case will now go to the jury, which will get instructions on the law from presiding judge Jed Rakoff.
The group of eight women and four men will then begin its deliberations later today on the fate of Gupta, one of corporate America's most successful Indian-Americans and the most high-profile Wall Street executive fighting criminal charges in the government's crackdown on insider trading.
Using graphics, emails, phone records and wiretaps, federal prosecutor Richard Tarlowe summarised for the jury charges and evidence that 63-year-old Gupta "violated his duty" as a Goldman and Proctor and Gamble board member to tip now-jailed hedge fund founder Raj Rajaratnam.
"Gupta abused his position as a corporate insider by providing secret company information to his longtime business partner and friend Raj Rajaratnam, so Rajaratnam could use that information to buy and sell stocks before the investing public," Tarlowe said in an aggressive tone.
"By doing so, Gupta enabled Rajaratnam to make millions of dollars," he said.
"Time and time again Gupta betrayed that trust and violated that duty by using the secret information to help Rajaratnam cash in on it," Tarlowe said. "The evidence against Gupta is overwhelming and devastating."
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