Two-year probation for Anil Kumar in insider case

July 20, 2012 13:31
Two-year probation for Anil Kumar in insider case

Anil Kumar who was the former partner of Mckinsey and helped the convition of Raj Rajaratnam and Rajat Gupta, both Wall Street tycoons, was sentenced to probation for 2 years on Thursday after he was charged with security fraud. He also had to pay $25,000 in fine and forfeit $2.26 million but he has avoided a jail term.

US Circuit Court Judge Denny Chin in Manhattan federal court said that he believed that Anil's deportment was abberational and previously led a life abiding to the law. He also said that he had cooperated not to alleviate the sentence but only to correct himself and the mistakes he did.

According to the prosecutors, it was his willingness to cooperate that earned him a clean record. They said that his cooperation was much much needed, powerful and also timely to assist the Government for the investigation and prosecution of the most high-profile defendants who were charged with illegal insider trading in the history.

Kumar who was arrested along with the hedge fund founder Rajaratnam in 2009 October had pleaded guilty in 2010 for being involved in conspiracy and secutities fraud. His extensive support to the government has reduced his prison sentence of 20 years to a probation of 2 years. His lawyers submitted papers seeking probation for his support to the government in convition of 2 other defendants.

AW- Anil

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