Rajat Gupta, charged with leaking inside information while on Goldman Sachs's board, resigns from Procter & Gamble's board.
The Securities and Exchange Commission announced the civil charges against Rajat Gupta on Tuesday. The agency says Gupta gave Raj Rajaratnam, the founder of the Galleon Group hedge fund, confidential information about quarterly earnings of Goldman and Procter & Gamble.
The case against Gupta will be heard by an administrative law judge at the SEC. The SEC says the proceeding will determine any restitution and civil fines Gupta must pay and whether he may serve as an officer or director of a public company.