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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Occupy Wall Street News


Monday, May 28, 2012

More on the Trial of Raj Gupta (formerly of Goldman Sachs)

The following excerpt is an update on the on-going prosecution of Rajat Gupta for insider trading:
Gupta suffers two big blows in his insider trading trial
By Reynolds Holding - (Reuters) The Globe and Mail

U.S. prosecutors have gained an early edge in Raj Gupta’s insider-trading trial. Judge Jed Rakoff largely adopted their version of a preliminary jury instruction a week after allowing them to introduce wiretap evidence. The former McKinsey & Co. boss and Goldman Sachs director hasn’t put on his defence yet. But he’ll need some breaks soon if he’s going to beat the insider trading rap.

A difficult case for the government got a lot easier when Mr. Rakoff said he would probably permit jurors to hear recordings of jailed insider-trader Raj Rajaratnam bragging about confidential tips from a Goldman friend, allegedly Mr. Gupta. And after just two days of testimony, the mini-winning streak continued with the jury instruction.
Read the full article here


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