Jurors in the insider-trading trial of former Goldman Sachs director Mr Rajat Gupta ended their first day of deliberations without reaching a verdict after the defence sought a not-guilty verdict for the Indian-American, saying “whatever you decide here will mark whatever future he has left.”
The 12-member jury in Manhattan federal court will resume today discussion of the evidence from the four-week-long trial in Wall Street's biggest insider trading case.
During their deliberations, the jurors asked for transcripts of the testimony of an ex-Galleon trader and sought clarification on the legal definition of conspiracy.
The prosecution and defence had presented their closing arguments on Wednesday after which the case had gone to the jury, a group of eight women and four men.
In his 24-page charging document to the jury, Mr Judge Jed Rakoff said, “Your duty is to decide the fact issues in the case and arrive, if you can, at a verdict. You are to perform your final duty in an attitude of complete fairness and impartiality.”
The jury will have to come up with a guilty or not-guilty verdict on the five counts of securities fraud and one count of conspiracy charge that Mr Gupta faces.
Mr Rakoff said the jurors “must consider each individual charge separately and evaluate each on the proof or lack of proof that relates to that charge.”
The defence said in its closing arguments that there is no “direct, real and hard evidence” against 63-year-old Gupta and that the government's case is circumstantial.
Mr Gupta's lawyer Mr Gary Naftalis urged the jury to give Gupta a not-guilty verdict if they have even the slightest doubt that he committed any crime.
“For Gupta, this is the case in which whatever you decide here will mark whatever future he has left,” Mr Naftalis had said in a low tone during summations.
The prosecution has said the evidence against Mr Gupta is “overwhelming and devastating.”