Rajat Gupta, who pleaded not guilty of any charges of securities fraud and that he passed confidential information to his billionaire friend Rajaratnam while he was the Director of the Goldman Sachs and Procter & Gamble, was released on bail on Thursday on a $10 million bond. The 62-year-old American-Indian had pleaded for guilty at a District Court on Thursday. He was released on a $10 million bond, secured by his home in Connecticut.
Meanwhile, Gupta had made his appearance in US magistrate court in New York before Judge Kevin Fox. Following his presentment, he will be brought before the US District Judge Jed Radkoff in the US District Court, southern district of New York.
Gupta, who surrendered before the FBI, was prosecuted on securities fraud. He was accused of sharing confidential information about investments at Goldman Sachs with Hedge Fund Manager Rajaratnam, the Sri Lankan born founder. He is charged with conspiracy charge of committing securities fraud and faces a minimum penalty of five years in prison on the consporacy charge and 20 years in prison on account of fraud charges. Gupta, has also been asked to travel within the continent of United States.
News reported by AR for Newsvision
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