On October 26, 2011, former Goldman Sachs director Rajat Gupta was arrested for securities fraud and conspiracy to commit securities fraud. The US Securities and Exchange Commission (SEC) claimed that Gupta disclosed non-public materials from board meetings to the co-founder of the Galleon Group, Raj Rajaratnam. The majority of crucial evidence against Gupta was discovered during the trial of Rajaratnam and may not be admissible in the trial of Gupta due to hearsay issues.
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