Business IdeasAnil Kumar may plead guilty in Galleon hedge fund case
Indian-American Anil Kumar, an accused in one of the the largest insider trading scam in the US, has agreed to waive indictment in the Galleon Hedge Fund case, in an indication that he might plead guilty as per a deal struck between him and the prosecutors.
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The latest court documents filed by Preet Bharara, the US attorney for the Southern District of New York, said that his office would file more documents known as "information".
Waiving right to indictment could mean that a deal has been reached between the former McKinsey director and the prosecutors, which holds the possibility of the accused pleading guilty.
The case has grown to involve 21 people, including four Indian-origin people. Total profits earned in the scheme were USD 20.6 million.
Four suspects in the case including Rajiv Goel, director in strategic investments at Intel Corp"s investment arm, have already pleaded guilty and Kumar"s cooperation could strengthen the case against the alleged ringleader, Raj Rajratanam who pleaded not guilty to charges of fraud, in December.
Kumar who left McKinsey after being put on indefinite leave had been accused of providing insider information about Advanced Micro Devices Inc to Rajratanam.