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Prosecutor boosts NY defense case for ex-Goldman Sachs board member in insider trading case
NEW YORK (AP) ' New York prosecutors preparing their insider trading case against a former board member of Goldman Sachs and Procter & Gamble Co. have given the defense a boost with a new revelation.
Lawyers told federal Judge Jed Rakoff (RAY'-kahf) in Manhattan on Thursday that prosecutors in California are saying that a second person within Goldman Sachs was apparently providing inside tips to the same person who Rajat Gupta (Rahj-AHT' GUHP'-tah) is accusing of tipping. Gupta is scheduled to go on trial in next month.
The revelation would be a boost to the defense because they maintain that anyone receiving inside information must have been getting it somewhere else.
Gupta is charged with giving tips to a one-time billionaire hedge fund boss who is now serving an 11 prison sentence for insider trading.