Rajat Gupta writes to ISB board members

In a letter to ISB board members, Rajat Gupta assured he had done nothing wrong and SEC's allegations were totally baseless. He wrote there was no direct evidence of him tipping Rajaratnam.

Gupta’s Letter to the ISB Board:

Dear Board Members,

I wanted to let you know that the SEC intends to commence civil and administrative proceedings against me arising out of the Galleon Group hedge fund matter.

I am stunned and shocked by the proposed action. Let me assure you, I have done nothing wrong. The SEC's allegations are totally baseless. I am informed by my lawyers that the case is based on speculation and unreliable third hand hearsay. Just to be clear: there are no tapes or any other direct evidence of me tipping Mr Rajaratnam. I did not trade any of the securities involved, nor did I share in any of Mr Rajarat-nam's profits. In fact during the period in question, the business rela-tionship between Mr Rajaratnam and I were strained.

I have spent my entire professional career zealously guarding the con-fidences of my clients. There is no reason for me to suddenly deviate from a lifetime of probity and honor. I will defend myself vigorously and I am confident of being vindicated.

I look forward to speaking with you soon.

Sincerely,
Rajat