(Reuters) - Goldman Sachs (GS.N) has paid for the bulk of former board member Rajat Gupta’s legal defense in an insider trading case that ended in his conviction, the New York Times reported, citing two people with direct knowledge of the matter.
Gupta, a consummate business insider who also sat on the board of Procter & Gamble (PG.N), was convicted on Friday of leaking secrets about Goldman at the height of the financial crisis, a major victory for prosecutors seeking to root out illicit trading on Wall Street.
Procter & Gamble also paid some of the $30 million in legal fees, the paper reported.
Under a deal reached before the trial, Gupta agreed to reimburse Goldman for the legal costs if he were convicted, the New York Times said.
However, the investment bank must continue to pay the bills until Gupta’s appeal, which may take a couple of years, the paper reported.
Goldman did not immediately respond to a request for comment. Procter & Gamble and Gupta’s lawyers could not be reached for comment outside regular U.S. business hours.
Reporting by Jochelle Mendonca in Bangalore; Editing by Ryan Woo