NYC Insider Trading Witness Faces Sentencing
NEW YORK (AP) _ A key government witness is facing sentencing in New York in what federal prosecutors call the largest hedge fund insider trading case in Wall Street history.
Former McKinsey & Co. director Anil Kumar (AH’-nuhl KOO’-mahr) is scheduled to learn his fate Thursday in federal court in Manhattan.
Kumar pleaded guilty and agreed to testify at the high-profile trials of disgraced hedge fund titan Raj Rajaratnam (rahj rah-juh-RUHT’-nuhm) and former Goldman Sachs board member Rajat Gupta (rahj-AHT’ GOOP’-tah). Both were convicted of insider trading charges accusing Gupta of feeding Goldman secrets to Rajaratnam.
Prosecutors have told the judge in court papers Kumar deserves leniency for his “significant, powerful, and timely cooperation.”
Gupta is from Westport, Conn. Rajaratnam is from Sri Lanka. They had denied the charges against them.
(Copyright 2012 by The Associated Press. All Rights Reserved.)