Former McKinsey head Rajat Gupta now has more legal trouble. BLOOMBERG reports, "In a superseding indictment filed today in federal court in Manhattan, the U.S. broadened its description of the insider-trading scheme, saying it began in March 2007 not in 2008 as alleged in October."
Those allegations concern his alleged disclosure of developments at Goldman Sachs and Procter & Gamble. The prosecution contends, for example, that Gupta was present at the Galleon offices when he participated in a phone call with the Goldman Sachs audit committee about quarterly earnings. Those results would be made public the next day.
Until the new count of securities fraud was made today, Gupta had been charged with five counts of securities fraud and one of conspiracy to commit securities fraud. It will be fascinating to learn of his lawyers's response to this new development.