Ex-Goldman Director Sues SEC After Civil Charges

SEC did not immediately return a call for comment.

Friday, Mar 18, 2011  |  Updated 2:15 PM EDT
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A former Goldman Sachs board member has sued the Securities and Exchange Commission after the SEC linked him to a major insider trading case when it filed civil charges against him earlier this month.

Rajat Gupta said Friday in court papers that he denies all allegations of wrongdoing and "stands ready to mount a defense against each and every one of the commission's charges."

The SEC had filed an administrative action against Gupta. It says Gupta fed vital information about Goldman in 2008 to a one-time billionaire accused of insider trading within minutes of hearing confidential information from the Goldman board.

A federal prosecutor has said Gupta was a co-conspirator of a former hedge fund boss on trial in Manhattan.

The SEC did not immediately return a call for comment.

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