NEW YORK – A New York jury has completed its first day of deliberations without a verdict in the insider trading trial of a former Goldman Sachs board member.
The jurors got the case Thursday morning in the trial of Rajat Gupta (rahj-AHT' GOOP'-tah) in federal court in Manhattan.
Federal prosecutors accuse Gupta of leaking confidential information about Goldman to his friend and billionaire hedge fund manager, Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm). They say Rajaratnam used the tips to gain an illegal advantage on massive trades in Goldman and other stocks.
The 63-year-old Gupta claims all his business dealings were above board. His lawyers argue he is a victim of guilt by association with Rajaratnam, who is now serving an 11-year prison term.
Deliberations are to resume Friday morning.