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Prosecutor: Goldman board member abused position

Federal prosecutor: Ex-Goldman Sachs board member abused his position as insider By The Associated Press

NEW YORK (AP) ' A federal prosecutor says a former Goldman Sachs board member abused his position as a corporate insider.

Closing arguments started Wednesday at the Manhattan insider trading trial of Rajat Gupta (rahj-AHT' GOOP'-tah).

The 63-year-old Gupta has pleaded not guilty. Prosecutors allege he passed secrets he learned from Goldman's board in fall 2008 to a billionaire hedge fund founder who used the information to make millions of dollars.

The defense says his business dealings were legitimate.

Assistant U.S. Attorney Richard Tarlowe zeroed in on a Sept. 23, 2008, phone call Gupta made to the hedge fund boss. He says Gupta delivered information that "the average ordinary investor had no way of knowing."

The defense is to give its closing argument later in the day.

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