AP: Insider charges for ex-Goldman board member

[October 26, 2011]  NEW YORK (AP) -- A person with knowledge of the case says a former Goldman Sachs board member who has surrendered in New York City has been indicted on insider trading charges.

The FBI says Rajat Gupta surrendered Wednesday but gave no further details.

The person cited the charges for The Associated Press on condition of anonymity because the indictment has not yet been made public.

Gupta's name played prominently at the trial of former hedge fund titan Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm), convicted this year of insider trading. Jurors heard wiretaps of the men discussing what prosecutors portrayed as inside information about Goldman Sachs.

Rajaratnam got 11 years in prison.

Gupta's lawyer says the allegations are "totally baseless."

[Associated Press; By TOM HAYS]

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