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Inside-Trading Trial Likely to Feature Key Call

Wednesday, May 16, 2012

A judge says he expects to let prosecutors use at trial a recording of a phone call between a former Goldman Sachs board member accused of insider trading and a hedge fund founder.

Judge Jed Rakoff made the tentative ruling at a final hearing Wednesday before the trial of Rajat Gupta begins next week.

Gupta was a board member at Goldman Sachs and Procter & Gamble when the government says he gave tips in 2008 to a billionaire hedge-fund trading friend. Gupta's lawyers say he did not.

Prosecutors plan to play a recording of a July 2008 conversation in which Gupta discussed Goldman Sachs' plans. Defense lawyers say the information was already public. It is the only recording between the men that relates to the charges.

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