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U.S. Adds New Insider Trading Allegation Against Gupta

HedgeWorld  – U.S. prosecutors have added a new insider trading allegation against Rajat Gupta, a former director of Goldman Sachs Group Inc. and Procter & Gamble Co. charged with illegally tipping his former friend Raj Rajaratnam, the convicted founder of Galleon Group hedge fund.

Prosecutors said in a letter to U.S. District Judge Jed Rakoff made public on Monday [April 16] that Mr. Gupta tipped Mr. Rajaratnam “relating to P&G’s organic sales growth forecast for the October-December quarter prior to P&G’s public announcement on or about Dec. 11, 2008.”

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