Rajat Gupta, former Goldman Sachs Group director and head of consulting firm McKinsey & Co., was convicted Friday of insider trading by a New York federal jury in one of Wall Street's most high-profile scandals.
Gupta, 63, was accused of sharing corporate secrets with his friend and hedge fund manager Raj Rajaratnam, who was convicted of insider trading last year and sentenced to more than 11 years in prison, the Wall Street Journal reported. Jurors took two days to reach their verdict after the four-week trial. He was convicted on four counts and acquited on two counts.
Gupta, 63, was found guilty of five counts of securities fraud and one count of conspiracy and faces as much as 20 years behind bars.