Trouble started in 2010 after a probe in Rajaratnam’s case hinted at Gupta’s role in insider trading October 16, 2009 Raj Rajaratnam is arrested and charged in case described by prosecutors as biggest insider trading scheme involving a hedge fund.
April 15, 2010 Rajat Gupta’s name surfaces in Rajaratnam case, as WSJ reports federal prosecutors are investigating Gupta’s role in providing insider information on Goldman Sachs.
March 1, 2011 US Securities and Exchange Commission ( SEC) files civil administrative complaint against Gupta for insider trading.
March 18, 2011 Gupta counter- sues SEC, arguing its action deprived him of a jury trial.
May 11, 2011 Rajaratnam found guilty on all 14 counts of securities fraud and conspiracy.
August 2011 SEC and Gupta agree to drop actions against each other.
October 13, 2011 Rajaratnam sentenced to 11 years in prison.
October 26, 2011 Gupta is arrested and the US attorney’s office files criminal charges against him. He is freed the same day on a $ 10 mn ( Rs 50 crore) bond secured by his Westport house. SEC again sues Gupta in a civil case.
May 21, 2012 Gupta’s criminal trial to commence.