Busted! Goldman Sachs ex-director Gupta screwed for fraud

And it’s not one, not two, but five counts of securities fraud plus one count of conspiracy - now isn’t that something?

According to a Reuters report, Rajat Gupta was arrested and charged with being the "illegal eyes and ears" for his friend Raj Rajaratnam, the central figure in a broad U.S. crackdown on insider trading at hedge funds.

Reuters noted that Gupta is the most prominent executive to be charged with fraud since Rajaratnam’s arrest in October 2009.

His defense lawyer entered a plea of not guilty on charges tied to what prosecutors say were Gupta's leaks of Goldman and Procter & Gamble secrets to Rajaratnam in 2008 and 2009, the report said.

View the full report here.