Rajat Gupta, once one of America's most-respected corporate directors, was indicted on six criminal counts in an insider trading case that prosecutors said was motivated not by quick profits but rather a lifestyle where inside tips are the currency of friendships and elite business relationships.

The U.S. accused Mr. Gupta of passing along nonpublic information to disgraced hedge-fund titan Raj Rajaratnam, gleaned from Mr. Gupta's role as a director at Goldman Sachs Group...