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Tuesday, July 22, 2025

Ex-MIT professor to plead guilty to securities fraud

by

20140813

BOSTON–A for­mer Mass­a­chu­setts In­sti­tute of Tech­nol­o­gy pro­fes­sor and his son who ran hedge funds have agreed to plead guilty to se­cu­ri­ties fraud charges that fed­er­al pros­e­cu­tors say cost their in­vestors US$140 mil­lion.Fed­er­al pros­e­cu­tors said 69-year-old Gabriel Bi­tran and 36-year-old Mar­co Bi­tran mis­led their in­vestors, telling them they had a his­to­ry of suc­cess­ful­ly earn­ing mon­ey based on the el­der Bi­tran's the­o­ries.

Au­thor­i­ties say some mon­ey was put in­to funds con­nect­ed to Bernard Mad­off. The duo ul­ti­mate­ly lost US$140 mil­lion of their in­vestors' prin­ci­pal. Some in­vestors lost as much as 75 per cent of their prin­ci­pal.Both agreed to plead guilty to con­spir­a­cy to com­mit se­cu­ri­ties fraud, wire fraud and ob­struc­tion of jus­tice.Gabriel Bi­tran is a for­mer pro­fes­sor and as­so­ciate dean of MIT's Sloan School.

AP


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