Times of India reports:
Anil Kumar, a former Indian-American McKinsey & Co executive, has testified that he secretly provided billionaire hedge fund tycoon Raj Rajaratnam with inside information about upcoming deals from 2004 to 2009.
Appearing before a New York court in the biggest insider trading case for the second day on Monday, Kumar said he told Rajaratnam about Advanced Micro Devices (AMD) plans in 2008 to spin off a manufacturing entity for its microchips investments from sovereign wealth companies.
But Sri Lankan born Galleon Group founder Rajaratnam warned him his information was no longer as useful because of Danielle Chiesi, a stock trader, who had an "intimate relationship" with AMD CEO Hector Ruiz.
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