The Securities and Exchange Commission charges against the former Goldman Sachs board member, allege that he passed information to friend and hedge fund manager Raj Rajaratnam on the investment of billions Warren Buffett was about to make in Goldman. Gupta’s lawyer says the charges are baseless and the charges do seem surprising given that Gupta graduated Harvard Business School, was a senior partner at McKinsey and was a member of the Board of Goldman Sachs and Proctor & Gamble. However, the SEC complaint is detailed, specific and apparently the conversations witnessed. If accurate as stated, Gupta completed confidential board calls with the Goldman and P&G boards and within seconds, called Rajaratnam who immediately bought or sold shares of Goldman and P & G. He also told colleagues but didn’t know they were already cooperating with the feds. The SEC allegations (click on SEC allegations for actual charges) might also mean Gupta will be facing heavier criminal charges by Fed. prosecutirs in NY. and This is what happened to Rajaratnam, who first cooperated with the SEC only to see his submissions used in the criminal case against him which starts next Monday. Query does Gupta have enough dirt to exact a plea agreement limiting his jail time to less than a few years? He’s been in high places and could have an awful lot to work with.