Gupta found guilty of insider trading US prosecutors claimed their biggest scalp in the crackdown on insider trading with the conviction on Friday of Rajat Gupta, the former Goldman Sachs director and ex-head of McKinsey & Co. A jury of eight women and four men convicted Gupta of conspiracy and three counts of securities fraud related to trading in Goldman stock by Raj Rajaratnam's Galleon hedge fund. They found that Gupta told Rajaratnam that Warren Buffett was investing $5bn in Goldman, and that the bank was losing money for the November 2008 quarter. The conviction of Gupta is the latest victory for prosecutors in the most wide-ranging Wall Street trading scandal since Ivan Boesky was jailed in 1987. The government's latest insider trading sweep has snared about 60 people. Gupta, 63, rose to global prominence as the managing director of the powerful management consultancy, making him one of the most well-connected figures in the corporate world. On retiring from McKinsey, he joined corporate boards, including Goldman and Procter & Gamble. As the verdict was read Mr Gupta sat calmly between his lawyers while his daughters seated two rows behind him started sobbing. His wife laid her head on the top of the bench before her. Juror Ronnie Sesso wiped a tear from her eye after the jury was polled. Ms Sesso, 53, said she "struggled" in reaching the verdict but the strongest evidence were the trades which Galleon made in Goldman shares just seconds after phone calls and minutes before the stock market closed. "It was too coincidental," she said after the verdict. "We wanted him to walk out of the courtroom," and return to his family, said Rick Lepkowski, the jury foreman. At the end of the day when all the evidence was in, where we found guilty, the evidence was overwhelming. The jury came to a decision early on the second day of deliberations, at the end of a four week trial, which included testimony from some of Wall Street's most famous names, including Lloyd Blankfein, Goldman's chief executive. Gupta was acquitted on two counts of securities fraud relating to trading in Procter & Gamble stock in 2009 and Goldman shares in 2007. Gupta is scheduled to be sentenced on October 18. He could face several years in prison. His lawyer, Gary Naftalis, said Gupta was innocent and always acted "with honesty and integrity." He said they would appeal the verdict. Preet Bharara, the US attorney in Manhattan, said in a statement, "Almost two years ago, we said that insider trading is rampant, and today's conviction puts that claim into stark relief." He said, "we will continue to pursue those who violate the securities laws, regardless of status, wealth, or influence." As a corporate director Gupta is the most senior executive prosecuted in the government's wide ranging investigation into insider trading. His conviction is a stunning fall for Gupta, who grew up as an orphan in India before coming to the US to attend Harvard Business School. After graduating, he joined McKinsey and rose to its highest post as its managing director. Gupta entered into private investment by launching a $1.5bn private equity firm with Mr Rajaratnam and joining him as chairman of Galleon International. Rajaratnam, who was convicted of 14 counts of insider trading at a trial last year, is now serving an 11-year prison term. McKinsey declined to comment. Before the trial, senior partners said they hoped for a sense of closure from the proceedings. The consulting group has already reinforced its behavioural code following the shock of the initial allegations against Gupta. Additional reporting by Andrew Hill