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Former McKinsey Director Pleads Guilty in Insider Case

Thursday, 07 Jan 2010 03:00 PM

A former director of a global management consulting firm has pleaded guilty to securities fraud charges, admitting making $2.6 million by feeding inside stock information to one of America's richest men.

Anil Kumar of Santa Clara, Calif., entered the plea Thursday in federal court in Manhattan. Kumar is a former director at McKinsey & Co. Inc.

He agreed to cooperate in the government's case against billionaire hedge fund operator Raj Rajaratnam. Rajaratnam has pleaded not guilty to charges that he earned at least $36 million from illegal trades based on insider information.

Kumar agreed to forfeit $2.6 million. Prosecutors say Rajaratnam paid him $1.7 million to $2 million since 2003 to feed him secret information about McKinsey's clients.

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A former director of a global management consulting firm has pleaded guilty to securities fraud charges, admitting making $2.6 million by feeding inside stock information to one of America's richest men.Anil Kumar of Santa Clara, Calif., entered the plea Thursday in federal...
US,Hedge,Fund,Insider,Trading
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2010-00-07
Thursday, 07 Jan 2010 03:00 PM
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