Fed-up of being neglected for years, residents of Laventille yesterday threatened to stage a major protest if their lingering plights are not addressed by their Laventille West Member of...
You are here
Ex-MIT professor to plead guilty to securities fraud
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.
User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff.
Guardian Media Limited accepts no liability and will not be held accountable for user comments.
Guardian Media Limited reserves the right to remove, to edit or to censor any comments.
Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.
User profiles registered through fake social media accounts may be deleted without notice.