Gupta, who has not been indicted in the criminal trial of Galleon Group founder Raj Rajaratnam, faces civil charges from the Securities and Exchange Commission for allegedly passing confidential information about Goldman Sachs to the defendant.
The defence had previously argued that Rajaratnam traded on Goldman Sachs based on information available in the public outlets like theflyonthewall.com, which provide financial news.
"You don't trade based upon a flyonthewall report," Assistant US Attorney Reed Brodsky told the jury yesterday.
"You trade based upon the real fly on the wall, Mr Gupta, the person who is in the Goldman board room, who knows what Goldman is really going to do," he added.
Gupta, an Indian-American, who was perched at the top of the financial world, has fallen from grace after the accusations levied against him.
Besides Goldman Sachs, he sat on the board of Proctor & Gamble and was invited to President Barack Obama's first state dinner hosted in honour of Prime Minister Manmohan Singh.
"Having a great reputation doesn't give you a free pass to violate the law," said Brodsky. "No-one is above the law."
Rajaratnam, 53, who has been charged with 14 counts of securities fraud and conspiracy, denies wrongdoing.
If convicted, he faces up to 20
Image: Rajat Gupta
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