Former Goldman Sachs and Procter & Gamble board member, Rajat Gupta pleaded not guilty to six counts of securities fraud. The former CEO of McKinsey & Company consulting is the most prominent executive arrested in a multi-year investigation into what prosecutors claim is the biggest insider trading case in history.
Gupta is accused of using his position on the boards to provide confidential and market moving information to hedge fund founder Raj Rajaratnam. Rajaratnam was found guilty of insider trading and sentenced to an 11-year prision sentence.
Joe Nocera, a columnist for the New York Times and a contributor to WNYC, explains the case.