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Anil Kumar Pleads Guilty In Galleon Case

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The former McKinsey director pleaded guilty to one count of securities fraud and one count of conspiracy to commit securities fraud in Federal District Court in Manhattan.

Mr. Kumar told the court that he had leaked to Mr. Rajaratnam that Advanced Micro Devices was planning to acquire ATI Techonologies. The leak occurred in March 2006 before news reports about the deal had surfaced. He said that Mr. Rajaratnam told him, "Anil, you are a hero."

Kumar, visibly crying, also apologized to his colleagues "for the shame they have suffered," but did not specify if he was talking about shame as it related to insider trading, or for the rap AK wrote and recorded while at the firm.