Prosecutors Sought Delay In Gupta SEC Case

Jul 7 2011 | 10:26am ET

The indefinite delay in the Securities and Exchange Commission's case against Rajat Gupta may not be good news for the former McKinsey & Co. chief, after all.

The regulator agreed to put its civil case against the alleged Raj Rajaratnam tipster on hold after prosecutors sought a delay. The Justice Department on June 15 moved "to intervene and stay the administrative proceedings," Reuters reports, winning an administrative law judge's assent to the postponement five days later.

Justice's court filings do not indicate why prosecutors sought the stay, but it could indicate that they are building a criminal case against Gupta, accused of passing confidential information about Goldman Sachs to the Galleon Group chief, who was convicted of insider-trading in May. Gupta sat on the bank's board of directors.

Gupta has not been charged with any criminal wrongdoing, although prosecutors have identified him as an unindicted co-conspirator in the Galleon case. Gupta has denied any wrongdoing.


In Depth

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note