On July 6th, Reuters reported that the SEC delayed its administrative enforcement proceedings against Rajat Gupta, the former chairman of McKinsey & Co., at the request of federal prosecutors. Delay. The SEC brought administrative charges against Gupta alleging that he passed material, non-public information to Raj Rajaratnam, who was convicted of insider trading in May. See In the Matter of Rajat K. Gupta, SEC Release No. 33-9192.