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Legal News: Law Blog - WSJ.com
Former McKinsey Partner Waives Indictment in Galleon Case
By Amir Efrati
It appears as if the Manhattan U.S. attorney’s office has notched another victory in its massive insider-trading case.
This just in: Anil Kumar, a former McKinsey & Co. partner who was charged in the case, has waived his right to be indicted, according to a filing at the Manhattan federal court signed by one of the prosecutors in the case, Jonathan Streeter, and Kumar’s lawyer, Robert Morvilo.
The filings means Kumar (pictured) is likely to plead guilty sometime soon to passing along information to the Galleon Group hedge fund about some McKinsey clients, including computer-chip maker Advanced Micro Devices Inc. Here’s a WSJ profile of Kumar.
Galleon’s founder, Raj Rajaratnam, and numerous others in the case have pleaded not guilty or have publicly denied wrongdoing. It’s unclear whether the likely plea by Kumar will be accompanied by his cooperation against other individuals. There are already five known cooperating witnesses in the sprawling case, in which 20 individuals were ensnared in one of the biggest insider-trading investigations in U.S. history.
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