U.S. Expected to Charge ex-Goldman Sachs Director Wednesday

According to the New York Times, federal prosecutors will file criminal charges Wednesday against former Goldman Sachs (NYSE: GS) Director Rajat K. Gupta.

Gupta is expected to surrender to the authorities on Wednesday. His trial could mean the beginning in a new government offensive against insider trading and other securities violations. The government also might be gunning for a fresh face for the scandal ahead of the 2012 elections.

Gupta is a former director of Goldman Sachs. He also was an executive for Procter & Gamble (NYSE: PG) and the McKinsey & Company.

Gupta's case is tied in with the Raj Rajaratnam case. Rajaratnam was sentenced to more than a decade behind bars for insider trading; Gupta is believed to have leaked corporate secrets to Rajaratnam.

More on this sensational case as it develops.