Anil Kumar is still testifying in the Raj trial downtown, and we just got more details on how Raj allegedly attempted to pay his friend for tips on a deal involving chip-maker AMD.
Courtney Comstock is in the courthouse now, and rushed outside quickly to relay the following… (remember, no phones allowed inside the building people!)
Kumar told jurors that Raj offered to compensate him for tips he learned as a McKinsey executive, in two ways.
One — they could buy a house together in New York.
Two — they could start a fund together, into which they would put trades that Kumar wanted.
Kumar said no to both.
Ultimately, Raj established an “India Book” — which Kumar testified he didn’t want him to do. The India Book, from what we learned in previous courtroom sessions, was — or at least appeared to be — a Galleon fund.
Kumar told jurors he didn’t know what was going into the book; he never had any control over it.
Kumar also testified that at some point, Raj began sending over unofficial-looking documents via fax, which showed trades Raj had made for the India Book. Kumar claims he never really knew what was going on, and that he even questioned whether the book was real.
He told jurors he didn’t know if Raj was using the India Book to execute legitimate traders, or simply to keep track of some of the work Kumar did for him.
We’ll have more details when this afternoon’s court session ends.
Here’s Kumar’s testimony from earlier this morning