New York (HedgeCo.net) – Former senior partner at McKinsey & Co.,\u00a0 Anil Kumar, yesterday pleaded guilty to conspiracy, insider trading and securities fraud in the Galleon\/Raj Rajaratnam hedge fund fraud case, the U.S. Attorney’s Office said.<\/p>\n
The prosecution alledged, before US District Judge Denny Chin in Manhattanthat, that Rajaratnam paid Kumar up to $1 million a year for his inside tips, making the hedge fund over $19 million. Kumar, 51, of Saratoga, Calif., is cooperating with prosecutors. He will be sentenced on March 26.<\/p>\n
The investigation started with suspicions in the 1990s when chip maker Intel Corp alleged that Rajaratnam was receiving tips from an Intel insider. The investigation was based on a witness who had first entered into a plea agreement with the United States before she began to cooperate in an investigation into Rajaratnam’s practices.<\/p>\n
Rajaratnam was taken into custody in New York on Oct. 16, 2009 in the USA’s largest hedge fund insider-trading scheme. His bail was set at $100 million.<\/p>\n
The insider trading case involves the employees of some of America’s best-known companies, according to Bloomberg, including International Business Machines Corp, McKinsey & Co and Intel Capital, an arm of Intel Corp.<\/p>\n
Alex Akesson New York (HedgeCo.net) – Former senior partner at McKinsey & Co.,\u00a0 Anil Kumar, yesterday pleaded guilty to conspiracy, insider trading and securities fraud in the Galleon\/Raj Rajaratnam hedge fund fraud case, the U.S. Attorney’s Office said. The prosecution alledged, before […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16005,11,3],"tags":[],"class_list":["post-13600","post","type-post","status-publish","format-standard","hentry","category-developing-stories","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/13600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=13600"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/13600\/revisions"}],"predecessor-version":[{"id":13601,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/13600\/revisions\/13601"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=13600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=13600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=13600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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