Deliberations begin in NYC insider trading trial

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Associated Press

Posted on June 14, 2012 at 5:00 PM

Updated Thursday, Jun 14 at 5:01 PM

NEW YORK (AP) — A New York jury has completed its first day of deliberations without a verdict in the insider trading trial of a former Goldman Sachs board member.

The jurors got the case Thursday morning in the trial of Rajat Gupta in federal court in Manhattan.

Federal prosecutors accuse Gupta of leaking confidential information about Goldman to his friend and billionaire hedge fund manager, Raj Rajaratnam. They say Rajaratnam used the tips to gain an illegal advantage on massive trades in Goldman and other stocks.

The 63-year-old Gupta claims all his business dealings were above board. His lawyers argue he is a victim of guilt by association with Rajaratnam, who is now serving an 11-year prison term.

Deliberations are to resume Friday morning.

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