Rajat Gupta, former head of McKinsey and a past Goldman Sachs and Proctor & Gamble director, has this afternoon been found guilty of insider trading by a New York court.
This is the highest profile insider trading conviction for many years. As we observed in this post in October 2011, Mr Gupta is, or was, a high priest of the elite of finance capitalism.
Mr Gupta was found guilty on three counts of securities fraud and one conspiracy charge relating to the passing of tips to Raj Rajaratnam, former head of the Galleon hedge fund and who in October 2011 received an 11 year jail sentence for insider trading.
Mr Gupta will be sentenced in October 2012.