Trial of ex-P&G, Goldman board member starts in NY
NEW YORK (AP) -- A federal prosecutor says a former board member for Goldman Sachs and Procter & Gamble gave inside information to a billionaire hedge fund founder.
Federal prosecutor Reed Brodsky told jurors Monday in his opening statement that Rajat Gupta shared board tips with his friend and co-investor.
The 63-year-old Gupta has pleaded not guilty to conspiracy and securities fraud charges that carry a potential for more than 100 years in prison.
Gupta's lawyer will give his opening statement later Monday.
The hedge fund founder is serving 11 years in prison, the longest sentence ever given someone convicted of insider trading.
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