ABC news "Pierre Thomas, Katersky alonso and jack Cloherty report:
Wall Street players, power, gupta arrived in the White House state banquet in 2009 the United States enterprise peak: in Goldman sachs and p&g company board of directors, and in the financial world widely respected.
But today, federal investigators accused of Wall Street greed gupta-a symbol of the internal traders.
Authorities say he used his own sensitive position 0.1 billion billionaire hedge fund manager lachish and pull, Elijah south provide hint, let him to Pocket $23 million, playing the stock.
Although small investors, its portfolio crater, in 2008-2009 years, Elijah and south, found sailing management, profit in Wall Street no matter what happened.
The release of the government's two men's phone conversations between the eavesdropping, shows how they work. This dialogue took place in July 2008, just after one of the meetings of the board of directors at Goldman sachs gupta. Sailing fund manager was asked about what Goldman sachs acquisition will be interested in
Shah, pull, south: a kind of rumors, Goldman sachs looks likely to buy commercial bank. ... ... You heard any down the line?
GUPTA: yes. This is a in meetings of the board of big discussion... ... Whether we...
Shah, pull, south: buy commercial Banks?
GUPTA: buy commercial bank.
From specific call not trading stocks, but between the two of many other phone no insider trading results, according to the indictment. In fact, last spring, eavesdropping on the conversations part of the evidence, and Michael south is made by the United States government to bring the biggest insider trading be condemned.
The discussion also into evidence that Elijah, and pull the south are pumping the important investment gupta information:
And caleb provoke south: all right, anything else? Anything interesting? ... ... Let your eyes and ears open, if you hear anything.
The government says, "interesting" thing to-the 2008 financial crisis has very obvious. The meetings of the board of directors in 2008 on September 22, 3:15 in the afternoon, gupta understands, warren buffett and Berkshire-ha and wei will invest $500 million in Goldman sachs.
In calling for the 3:53 gupta, south and he made le put down. Hedge fund manager, then bought Goldman sachs minutes more than 217000 shares at 4 PM market shut down before the next day, Goldman's shares soared Berkshire-ha and of the news of the wei investment. Shah, pull, south and then sell the stock closed at Goldman sachs in front, in just 24 hours, because from turning $800000 tips gupta profits.
In the indictment are listed in another example, gupta is Goldman sachs directors will after the meeting, and pull jia, only 23 seconds, south of the phone. This time, allegedly told pull antawn, gupta's south, Goldman sachs announced huge losses. Open news surfacing, stock prices will surely suffer beating. Shah, pull, south of the Goldman sachs stock quickly dumped him, to avoid the loss of more than us $36000.
The government is accused of abusing his position gupta small Philadelphia, Elijah and south P&G salesgirl for P&G company LTD. Financial performance, as of December 2008 quarter.
Gupta, jia's south, called to tell him, p&g company will soon release information, and its sales will not live up to expectations. And then sell the about 180000 p&g's shares, the short, according to the indictment sailing fund ", the profit illegally more than $570000."
Preet Bharara U.S. federal prosecutors said, "pull, by some American enterprise Gupta is the primary organization commissioned, in their conference room take......, so that he could give its shareholders comments and Suggestions. He allegedly broke that trust, and not be in the board of directors of the illegal eyes and ears, his friend and business partner, lachish and south, Gupta, Elijah and Mr. Bring huge profits of breach of duty."
Gupta's lawyer said: "the government's allegations are baseless. In this case, the facts show that Mr Gupta on the charges of any innocent honesty and integrity, he had been a. He doesn't have any securities trading, not Mr Shah, pointed, pull for him to trade south, and without any part of the reward of the share any profits."
In fact, his lawyer said, gupta incident of problems he lost all the investment fund in sailing, eliminate any motive, he may help pull provoke le south.




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