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McKinsey Director, IBM Executive, and Four Others Face Criminal and Civil Charges

MR - The Manhattan US Attorney's office and the FBI have charged six prominent executives with multiple counts of securities fraud and conspiracy for their alleged involvement in an illicit information cabal. Authorities say this is the largest hedge fund insider trading case in US history. Related civil charges were also brought by the SEC. Among those charged was McKinsey Director Anil Kumar, a senior firm principal, capital markets practice leader, and KPO thought leader. Kumar is also an Indian Business School founding director. IBM Senior Vice President Robert Moffat Jr. was also among those implicated in the scheme. Moffat had been responsible for IBM's Systems and Technology Group, including global procurement, until the allegations surfaced last week. Moffat was quickly placed on leave. McKinsey has also put Kumar on indefinite leave. The investment firm at the center of the probe, Galleon Management, internally announced plans to wind down its hedge fund operations. Gallium is a large investor in Huron Consulting Group, a firm in the midst of its own financial crisis. (Research Note includes full-text of criminal and civil complaints) . . . (to read the remainder of this article, please log in below.)
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