Rajat Gupta faces criminal charges in insider trading scheme

New York, Oct 26: Former Goldman Sachs director Rajat Gupta, one of the most prominent Indian-Americans in the country's financial scene, is likely to surrender before authorities here today as prosecutors are expected to file criminal charges against him in a massive insider trading scheme.

A report in the New York Times quoted people briefed on the matter as saying that criminal charges would be filed against Gupta.

The report quoted Gary Naftalis, a lawyer for 62-year-old Gupta, who said, "The facts demonstrate that Gupta is an innocent man and that he acted with honesty and integrity."

"The case against Gupta would extend the reach of the government's inquiry into America's most prestigious corporate boardrooms. The charges would also mean a stunning fall from grace of a trusted adviser to political leaders and chief executives of the world’s most celebrated companies," it said.

Gupta was the former director of Goldman Sachs and Procter.

PTI