Friday, 22 August 2014
Last updated 6 hours ago
Nov 30 2011 | 9:48am ET
A key witness in the Raj Rajaratnam insider-trading trial—and a potentially crucial witness in the trial of former McKinsey & Co. chief Rajat Gupta—has been given more freedom to travel abroad.
Anil Kumar, a former McKinsey consultant who testified that he passed confidential tips to the Galleon Group founder, has received his U.S. passport and lifetime Indian travel visa back. Kumar had to surrender the documents as a condition of his $5 million bail, but will now be allowed to travel outside of the continental U.S. without obtaining prior permission from the court.
"We anticipate that Mr. Kumar's consulting work will require increased travel to Indian and part of Europe in the coming months," his lawyer explained to the court. "Because most of the work Mr. Kumar has been able to obtain is in India, frequent international travel remains critical to Mr. Kumar's ability to earn a living.
Kumar will seek to notify both prosecutors and pretrial services officials at least three days before each trip, the lawyer, Gregory Morvillo, said. Morvillo added that Kumar has, with court permission, traveled to India seven times over the past 18 months, and returned.
Kumar pleaded guilty to insider-trading charges as part of his cooperation agreement with prosecutors but has not been sentenced.
Aug 4 2014 | 7:42am ET
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The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note