by Beth Connolly on July 19, 2012
Despite his guilty plea to one count of conspiracy and one count of securities fraud, Anil Kumar claimed that he was a generally law-abiding, upright citizen. And Judge Danny Chin agreed with him.
Without Anil Kumar’s testimony, prosecutors may not have been able to prove their cases against Raj Rajaratnam and Rajat Gupta. Kumar who received $1 million per year from Gupta did not have the same level of involvement in the trading that Rajaratnam and Gupta did. He served in some part as a go-between, connecting his mentor and boss at McKinsey, Gupta, with his former Harvard Business School classmate, Rajaratnam.
“I stand in this court today completely and totally shamed by the conduct that has brought me before your honor,” Kumar said at the sentencing hearing, according to Bloomberg. “It has brought me pain and suffering, and dishonor to my family, my friends and my business colleagues. I strayed from my core beliefs that I stood for my entire life.”
Prosecutors commended Kumar as an “extraordinary witness” who was not afraid to turn against someone he respected and considered a mentor (Gupta.) Judge Chin said that he believed Kumar cooperated with authorities in order to make amends for his misdeeds, rather than to lower his sentence. As such, he sentenced Kumar to two years’ of probation, a $25,000 fine, and a forfeiture of $2.26 million.
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