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Gupta Trial Evolves into 'CSI' Drama
February 3, 2012
[ by Melanie Gretchen ]
Rajat Gupta started his new year off with a bang, as U.S. prosecutors charged anew the former board member of Goldman Sachs and global head of consulting firm McKinsey, on 1/31/12. The superseding indictment he faces accuses him of passing inside information to Galleon Group founder Raj Rajaratnam over a 2-year period rather than just the one year alleged in the original filing, charges to which has has pled not guilty. To his credit, jurors primed to expect the evidence seen on "CSI: Crime Scene Investigation" might make his case easier - for him.
The Case against Gupta. In addition to phone records showing calls Gupta made to Rajaratnam minutes before the convicted made a lucrative trade in Goldman shares, the prosecution has included suspicious conversations as far back as 2007, in charges filed this week.
Yet Gupta's jury may have no evidence that Gupta passed tips gleaned during those communications, a common element in successful insider trading cases. Whereas past cases against Galleon Group founder Raj Rajaratnam and arbitrager Ivan Boesky were broken by wiretaps and a cooperating witness respectively, circumstantial evidence presented to a desensitized, media-saturated jury might not cut it. The "CSI" effect - as it's come to be known in legal circles - may have taken hold.
After all: one man's entertainment is another man's walk. Raj-er that.
For more details, go to [Reuters, 2/2/12].
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