Wednesday, 6 May 2015
Last updated 17 hours ago
Jul 17 2012 | 12:28pm ET
Anil Kumar helped federal prosecutors win insider-trading convictions against Galleon Group founder Raj Rajaratnam and former McKinsey & Co. chief Rajat Gupta. Now, those prosecutors are trying to help him win leniency for his own crimes.
Prosecutors called Kumar's cooperation with authorities "nothing short of extraordinary" in a letter to U.S. District Judge Denny Chin, who will sentence Kumar on Thursday. The former McKinsey partner faces up to 25 years in prison, but will likely receive much less and may even avoid jailtime.
"From the first day of Kumar's cooperation through the present, he's been one of the best and most important cooperating witnesses that the [prosecutors] working on the Rajaratnam investigation have worked with in securities fraud cases," prosecutors wrote. In addition, that help came in "two of the most important securities fraud trials in history."
Kumar had been a longtime friend of Rajaratnam's, and considered Gupta his mentor at McKinsey. Rajaratnam was sentenced to 11 years in prison for insider-trading, and Gupta faces up to 25 years when he is sentenced for passing tips to Rajaratnam in October.
"We are very pleased that the United States Attorney's Office thought so highly of Mr. Kumar's cooperation," Kumar's lawyer, Gregory Morvillo, said. "We think it is a very strong letter."
Kumar pleaded guilty two years ago to securities fraud and conspiracy, admitting that he passed confidential information to Rajaratnam. He is currently free on bail.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…