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Browse: Home / 2010 / May / 18 / Kumar to Pay $2.8 Million to Settle SEC’s Galleon-Related Action

Kumar to Pay $2.8 Million to Settle SEC’s Galleon-Related Action

By Securities Docket on May 18, 2010, 1:27 pm

Yesterday, Judge Jed S. Rakoff entered a Consent Order and Judgment against Anil Kumar in the SEC’s settlement with him in the Galleon matter.  Kumar was a friend of co-defendant Raj Rajaratnam, as well as a Galleon investor and a director at the global consulting firm McKinsey & Co.

The SEC alleged that Kumar acquired material non-public information while working as a McKinsey consultant and passed that information to Rajaratnam, who traded on it. The order requires Kumar to pay disgorgement in the amount of $2.6 million, plus prejudgment interest in the amount of $190,621, for a total of $2,790,621.

The SEC stated that Kumar has agreed to cooperate with the agency in connection with the ongoing case and related investigations.

Read the SEC Litigation Release

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Posted in SEC | Tagged Hedge Funds, Insider Trading

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