Friday, 28 November 2014
Last updated 1 hour ago
Dec 31 2009 | 1:54am ET
Prosecutors may have won another guilty plea in the Galleon Group insider-trading scandal.
Anil Kumar, a former McKinsey & Co. director, has agreed to waive indictment. The U.S. Attorney’s office in Manhattan, in a court filing yesterday, indicated it would file a criminal information against Kumar. In all likelihood, that means he’s struck a deal with prosecutors.
Kumar, who left McKinsey earlier this month, is accused of passing non-public information about Advanced Micro Devices to Galleon founder Raj Rajaratnam. Kumar was an adviser to the microprocessor company while at McKinsey.
But he was allegedly not the only source for information about AMD: Hector Ruiz, the company’s former chairman and CEO, is said to have passed tips on to Danielle Chiesi, a former executive at hedge fund New Castle Partners and Rajaratnam’s co-defendant.
If he pleads guilty, Kumar would be the seventh person to do so in the Galleon case. Three more may do so shortly: Prosecutors delayed those indictments when they charged Rajaratnam and Chiesi earlier this month. Both have pleaded not guilty.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...