A former Massachusetts Institute of Technology professor and his son agreed to plead guilty to charges stemming from a scheme to lure investors to their hedge fund with false promises about investment strategies, according to federal prosecutors.
Gabriel Bitran, a former professor and associate dean of MIT’s Sloan School of Management, and his son, Marco Bitran, lied to investors in GMB Capital Management LLC who provided more than $500 million to the fund, prosecutors in Boston said. The Bitrans’ funds incurred losses of more than $140 million of investors’ money while they paid themselves millions of dollars in management fees, prosecutors said.
Tuesday, August 12, 2014
Never screw up, always screw down...
by Atrios at 17:51