Wednesday, June 13, 2012

Gupta trial defense: "Where's the beef?"

Evidence of insider trading against businessman Rajat Gupta is "overwhelming," a prosecutor told jurors at the trial's close on Wednesday, while a defense lawyer countered that the government had a weak, circumstantial case without direct proof, Reuters reports.

Jurors were expected to begin deliberating the charges against Gupta, a former Goldman Sachs Group Inc board member, later on Wednesday in one of the U.S. government's biggest insider-trading prosecutions in recent years.

Prosecutors said in closing arguments that Gupta had brazenly and illegally passed stock tips to now-imprisoned hedge fund manager Raj Rajaratnam, but the defense argued that the government "had no real, hard, direct evidence" to prove it....

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