Insider trading crackdown Gupta, a retired former global head of the McKinsey & Co consulting firm, and Rajaratnam have been the two most prominent defendants in the U.S. government's crackdown on insider trading in recent years. Gupta has pleaded not guilty, arguing through his lawyers that the government's case is circumstantial and speculative. Gupta's lawyers say their client had nothing to gain financially by giving inside stock tips to Rajaratnam, the founder of the Galleon Group hedge fund. Gupta and Rajaratnam were friends and business associates. Goldman has not been accused of wrongdoing. According to the indictment, Gupta told Rajaratnam about Goldman's first-quarter 2007 earnings the day before the information was made public. Gupta also is accused of tipping the hedge fund manager seconds after the Goldman board approved a $5 billion investment by Buffett's Berkshire Hathaway Inc on Sept. 23, 2008.