Anil Kumar gets 2 years’ probation in Galleon case
NEW YORK — Former McKinsey & Co. partner Anil Kumar was sentenced to two years' probation for insider-trading crimes in light of what prosecutors called his "extraordinary" cooperation in the trials of Raj Rajaratnam and Rajat Gupta.
US Circuit Judge Denny Chin in Manhattan Thursday declined to send Kumar to prison, noting that he was a key witness in what the government has called the biggest insider-trading cases in US history. Chin also ordered Kumar, 53, to pay a $25,000 fine and forfeit $2.26 million.
Kumar testified at the trials of Rajaratnam, the co-founder of hedge-fund company Galleon Group, and Gupta, the former Goldman Sachs Group director who once led McKinsey. Both men were convicted of securities fraud and other crimes.
Kumar pleaded guilty in 2010 to one count each of conspiracy and securities fraud. He could have faced up to 25 years in prison.