Gupta Faces More Tipping Allegations

(NewsCore) - Federal prosecutors said they are planning to unveil previously undisclosed instances in which former Goldman Sachs Group Inc. director Rajat Gupta allegedly shared inside information when the criminal insider-trading case against him goes to trial later this year.

Prosecutors announced their intentions at a court hearing in Manhattan federal court Tuesday, as a judge granted defense lawyers' request to delay the trial so they could have more time to prepare.

The trial, which had been set to start in April, will now start six weeks later on May 21, US District Judge Jed S. Rakoff said.

Gupta, once one of the nation's more prominent businessmen and corporate directors, has been accused of giving improper tips to a friend and business associate, Galleon Group founder Raj Rajaratnam.

He was originally charged in October and the allegations against him were expanded in a new indictment last month, doubling the number of illicit tips he allegedly made to Rajaratnam to four. On Tuesday, Gupta pleaded not guilty to the latest indictment.

At Tuesday's hearing, Gupta's lawyers asked that the case be delayed 90 days in order to give them more time to prepare for the expanded indictment.

Read more: Wall Street Journal