New York: Rajat Gupta, former Goldman director was convicted on Friday on three counts of securities fraud and one count of conspiracy for passing along confidential boardroom information about his firm to a hedge fund that earned millions of dollars trading on his tips.

He was acquitted of two counts of securities fraud, including the only one relating to P&G.

Gupta’s almost 20 years of experience ended in less than 10 hours of deliberation by a federal jury, which convicted him of insider trading.

Now he could face up to 20 years in prison on each of the fraud charges and up to five years for the conspiracy charge. Gupta Sentencing is set for October 18, who is free on bail till October on earlier charges.

Gupta, 63, one of the America's most-respected corporate directors earlier headed McKinsey & Co.

The verdict underlines the fall of the most prominent figure caught in the government's drive to stop the leaking of corporate secrets to Wall Street.

Gupta illegally provided inside information on two issues crucial to Goldman's financial health: a $5 billion investment by Warren Buffett's Berkshire Hathaway Inc and the bank's first quarterly loss as a public company to Raj Rajaratnam, who now is serving an 11-year prison term.

The verdict was a huge victory for prosecutors, and could encourage them to bring more insider-trading cases without the use of wiretaps.A native of Kolkata, Gupta moved at a young age to New Delhi and studied engineering at the Indian Institute of Technology and came to the U.S. in 1971 to attend Harvard Business School.

Two years later, he joined McKinsey, consulting firm for America's most powerful corporations. Later, he also helped his friend in India to start the Indian School of Business in Hyderabad (ISB).


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