June 18 Goldman Sachs has paid for the
bulk of former board member Rajat Gupta's legal defense in an
insider trading case that ended in his conviction, the New York
Times reported, citing two people with direct knowledge of the
Gupta, a consummate business insider who also sat on the
board of Procter & Gamble, was convicted on Friday of
leaking secrets about Goldman at the height of the financial
crisis, a major victory for prosecutors seeking to root out
illicit trading on Wall Street.
Procter & Gamble also paid some of the $30 million in legal
fees, the paper reported.
Under a deal reached before the trial, Gupta agreed to
reimburse Goldman for the legal costs if he were convicted, the
New York Times said.
However, the investment bank must continue to pay the bills
until Gupta's appeal, which may take a couple of years, the
Goldman did not immediately respond to a request for
comment. Procter & Gamble and Gupta's lawyers could not be
reached for comment outside regular U.S. business hours.