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Gupta's lawyer wrote in an e mail quoted in Bloomberg, "Any allegation that Rajat Gupta engaged in any unlawful conduct is totally baseless. He did not trade in any securities, did not tip Mr. Rajaratnam so he could trade, and did not share in any profits as part of any quid pro quo."[16] "The tips generated 'illicit profits and loss avoidance' of more than $23 million, the [SEC] alleged in [the] lawsuit.
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