Ex-Goldman Sachs director calls for insider trading testimonies

23 November 2011

A former director at Goldman Sachs has called for executives at both the bank and the Galleon Group to be questioned when he stands trial over insider trading charges.

Rajat Gupta, who was charged with leaking information to Galleon Group founder Raj Rajaratnam, has presented a list of ten people whom the defence “would most want to depose”.

Lloyd Blankfein, current chief executive officer (CEO), Gary Cohn, the bank’s chief operating officer (COO) and managing director David Loeb are among the names of those who could take the stand for questioning when the ex-employee stands trial next year.

Gary Naftalis, Gupta’s lawyer said in a letter to the judge, which was quoted by Bloomberg: “The witnesses we list are believed to have information relevant to his action.”

Gupta was charged in October on a total of six counts involving conspiracy and securities fraud and leaking confidential information of Rajaratnam.

The head of the Galleon Group was ordered to pay a record $92.8 million fine by the Securities and Exchange Commission for his role in the scheme on top of an 11 year prison sentence.

By Jim Ottewill

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