Rajat Gupta convicted for insider trading

NEW YORK (Reuters): Former Goldman Sachs Group Inc board member Rajat Gupta was convicted on Friday on criminal charges of illegally tipping his hedge fund manager friend Raj Rajaratnam with corporate secrets.

A federal court jury in Manhattan found Gupta guilty of three counts of securities fraud and one count of conspiracy, ending the four-week-long trial. He was found not guilty on two other securities fraud charges.

The jury delivered the verdict on the second day of its deliberations.