Leniency plea for Anil Kumar, witness in Rajat Gupta case

US prosecutors have sought leniency for key eyewitness Anil Kumar in the Rajat Gupta insider-trading case whose testimony helped convict the Wall Street giants.

hidden July 17, 2012 12:32:08 IST
Leniency plea for Anil Kumar, witness in Rajat Gupta case

US prosecutors have made a plea for leniency for a former Indian-American executive of McKinsey & Co whose testimony helped convict Wall Street giants Raj Rajaratnam and Rajat Gupta on insider trading charges.

Anil Kumar's cooperation was "nothing short of extraordinary," federal prosecutors said Monday, in a letter to Judge Denny Chin three days before Kumar, 53, is expected to be sentenced Thursday in Manhattan federal court.

Kumar, who chose to plead guilty after being charged criminally, helped prosecutors and the Federal Bureau of Investigation in their wide-ranging probe of illicit trading on Wall Street, prosecutors said.

Leniency plea for Anil Kumar witness in Rajat Gupta case

US prosecutors have made a plea for leniency for Rajat Gupta.AFP

"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," the letter said.

Kumar was essential in helping the government improve its case and convict Rajaratnam and Gupta, "two of the most important securities fraud trials in history," they said.

Kumar's testimony at the successive trials of the two men was particularly convincing because he had opted to turn against one person who had been his friend for over 25 years, and the other who had been his mentor at McKinsey, prosecutors said.

Galleon-group hedge fund founder Rajaratnam is serving an 11-year prison term after being convicted last year. Gupta, a former board member at Goldman Sachs who headed McKinsey & Co for nine years, was convicted in June. He faces up to 25 years in prison when he is sentenced in October.

As part of a plea deal with prosecutors, Kumar pleaded guilty in January 2010 to one count of conspiracy to commit securities fraud and one count of securities fraud tied to feeding Rajaratnam secret stock tips.

IANS

Updated Date:

also read

'Internet creates 2.4 jobs for every job it destroys'
Fwire

'Internet creates 2.4 jobs for every job it destroys'

A McKinsey survey of more than 4,800 SMEs showed that 2.6 jobs were created for every one destroyed, confirming the internet's capacity to create jobs across all sectors.

Internet services could contribute $100 bn to India's GDP by 2015
News & Analysis

Internet services could contribute $100 bn to India's GDP by 2015

Internet services and devices industry have a potential to increase their contribution to India's GDP to nearly $100 billion (about Rs 5.5 lakh crore) and generate about 2.2 crore jobs by 2015, a report by McKinsey & Company said.

Internet services could contribute $100 bn to India's GDP by 2015
Tech

Internet services could contribute $100 bn to India's GDP by 2015

Internet services and devices industry have a potential to increase their contribution to India's GDP to nearly $100 billion (about Rs 5.5 lakh crore) and generate about 2.2 crore jobs by 2015, a report by McKinsey & Company said.