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UPDATE: Rajat Gupta has been convicted of insider trading, conspiracy and securities fraud by a U.S. jury, Bloomberg TV reports.Gupta, a former McKinsey & Co. exec and former Goldman Sachs board member, was found guilty on four counts.
He was acquitted of two charges.
Gupta was charged with five counts of securities fraud and one count of conspiracy.
Bloomberg News points out that securities fraud could result in as much as 20 years in prison and conspiracy comes with a five-year maximum prison sentence.
In the meantime, Gupta may remain free on bail until his sentencing on October 18th, according to the report.
EARLIER POST: A Manhattan federal jury has reached a verdict for Rajat Gupta, the former McKinsey & Co. executive and Goldman Sachs board member, accused of illegally passing tips to Raj Rajaratnam, Bloomberg TV reports.
The jury reached its decision after just two days of deliberations.
Gupta has been charged with allegedly passing secrets he learned to Raj Rajaratnam while he was serving on the boards of Goldman Sachs and Procter & Gamble.
Disgraced Galleon chief Rajaratnam is currently serving 11 years in federal prison for orchestrating one of the largest insider trading circles in history.
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