NEW YORK – A New York jury at an insider-trading trial has heard the lone recorded phone call of an ex-Goldman Sachs board member speaking with a billionaire hedge fund founder.
The tape was played Wednesday at the conclusion of the third day of the trial of Rajat Gupta (rahj-AHT' GOOP'-tah). He's accused of helping Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm) make millions of dollars through inside tips about Goldman Sachs and Procter & Gamble Co.
Gupta is from Westport, Conn. He sat on the boards of both companies when prosecutors say he fed the information to his friend in 2007 and 2008.
Prosecutors say Gupta spoke about confidential information he wasn't permitted to share with outsiders. Defense lawyers say his comments were already widely discussed publicly by Goldman executives.
The Sri Lanka-born Rajaratnam is serving an 11-year prison sentence for insider trading.