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A federal court in New York City has unsealed a six count indictment charging a former Goldman Sachs board member with insider trading. 
  
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 FILE - In this Jan. 3, 2009 file photo, Rajat Kumar Gupta, former Chairman of Global Fund to Fight AIDS, Tuberculosis and Malaria, listens to a statement, during a session at the World Economic Forum... (Associated Press) 
  
 The charges against Rajat Gupta were unsealed in federal court in Manhattan after he surrendered Wednesday morning. 
  
 The charges accuse him of engaging in an insider trading scheme with Raj Rajaratnam, a former billionaire hedge fund manager who was the prime target of the probe 
  
 The 62-year-old Gupta is awaiting an appearance at the federal court. 
  
 He's charged with one count of conspiracy to commit securities fraud and five counts of securities fraud. 
  
 The charges carry a potential penalty of 105 years in prison. ||||| A former Goldman Sachs board member on Wednesday surrendered to federal authorities to face criminal charges stemming from a massive hedge fund insider trading case. 
  
 Rajat Gupta appeared in Manhattan federal court. The charges were not immediately disclosed. 
  
 The Securities and Exchange Commissioner originally brought civil fraud charges against Gupta in March. The SEC alleged that, at the height of the financial crisis, he passed along privileged financial information that helped enrich Raj Rajaratnam, a former billionaire hedge fund manager who was the prime target of the criminal probe. 
  
 Gupta's lawyer responded by accusing the SEC of launching a "flawed case premised in large part on unreliable evidence being used in an attempt to bring down a man of sterling reputation and remarkable achievements without the procedural safeguards historically accorded to all persons similarly charged." 
  
 The Indian-born, Harvard-educated Gupta also has served on the boards of Procter & Gamble and the parent company for American Airlines. He was a guest at President Barack Obama's first state dinner. 
  
 Gupta's name played prominently at the criminal trial earlier this year of Rajaratnam, who was convicted after prosecutors used a trove of wiretaps on which he could be heard coaxing a crew of corporate tipsters into giving him an illegal edge on blockbuster trades. 
  
 Jurors heard testimony that at an Oct. 23, 2008, Goldman board meeting, members were told that the investment bank was facing a quarterly loss for the first time since it had gone public in 1999. 
  
 Prosecutors produced phone records showing Gupta called Rajaratnam 23 seconds after the meeting ended, causing Rajaratnam to sell his entire position in Goldman the next morning and save millions of dollars. 
  
 Rajaratnam also earned close to $1 million when Gupta told him that Goldman had received an offer from Warren Buffett's Berkshire Hathaway to invest $5 billion in the banking giant, prosecutors said. 
  
 In one tape played at trial, Rajaratnam could be heard grilling Gupta about whether the Goldman Sachs board had discussed acquiring a commercial bank or an insurance company. 
  
 "Have you heard anything along that line?" Rajaratnam asked Gupta. 
  
 "Yeah," Gupta responded. "This was a big discussion at the board meeting." 
  
 Prosecutors sought to maximize the impact of the Gupta tape by calling Goldman Sachs chairman Lloyd Blankfein to testify that the phone call violated the investment bank's confidentiality policies. 
  
 Gupta's lawyer Gary P. Naftalis said Tuesday night that his client and Rajaratnam communicated for "legitimate reasons." He said his client didn't trade in any securities, didn't tip Rajaratnam so he could trade and didn't share in any profits. 
  
 "The facts demonstrate that Mr. Gupta is an innocent man and that he has always acted with honesty and integrity," Naftalis said in an emailed statement. 
  
 Rajaratnam, who's in his mid-50s, was sentenced earlier this year to 11 years in prison. His lawyers had argued for 6 1/2 to nine years. Defense attorney Terence Lynam asked the judge to show compassion because of Rajaratnam's illnesses, saying: "He does not deserve to die in prison." ||||| Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com 
  
 For decades, Rajat K. Gupta was the face of business success, leading global consulting giant McKinsey & Co. and serving on the boards of several prestigious American companies, including Goldman Sachs Group Inc. 
  
 Now, prosecutors say, Mr. Gupta is the face of another side of the business world: insider trading. 
  
 The 62-year-old Mr. Gupta surrendered to the Federal Bureau of Investigation Wednesday on criminal charges of leaking inside information to Galleon Group hedge fund founder Raj Rajaratnam. Mr. Rajaratnam this month was sentenced to 11 years in prison, the longest-ever for insider trading. 
  
 If prosecutors are able to prove their ... |||||
Former Goldman Sachs director Rajat Gupta surrendered to federal authorities today to face charges related to insider trading, the AP reports. Gupta appeared in Manhattan federal court and was charged with one count of conspiracy to commit securities fraud and five counts of securities fraud. The longtime McKinsey & Company chief is accused of providing insider information to Galleon Group founder Raj Rajaratnam, according to the Wall Street Journal. Rajaratnam has already received his own 11-year sentence for insider trading. Prosecutors say that within minutes of a board meeting, Gupta provided Galleon's founder with information on Warren Buffett's $5 billion investment in Goldman Sachs at the height of the financial crisis. Gupta's lawyer says his client—one of the best-known Indian Americans in the business world—"acted with honesty and integrity" and did not profit from his dealings with Galleon.