Former Goldman Sachs director Rajat Gupta is going to surrender to the FBI tomorrow to face criminal charges, a person familiar with the investigation told Reuters. He had been listed as an unindicted co-conspirator in the trial of Raj Rajaratnam earlier this year.
The Wall Street Journal has more:
The details of the charges, which were sealed, couldn’t immediately be determined. But prosecutors and the Securities and Exchange Commission have said in filings and in court that Mr. Gupta gave Mr. Rajaratnam details he had learned at Goldman board meetings in 2008 about a $5 billion investment in the bank by Warren Buffett’s Berkshire Hathaway Inc. and about Goldman’s first ever quarterly loss as a public company.
According to evidence presented at Mr. Rajaratnam’s trial, Mr. Gupta called him within minutes of learning confidential details at Goldman board meetings. Mr. Gupta also allegedly leaked information about P&G’s corporate earnings.