Gabriel Bitran, a former Massachusetts Institute of Technology professor, was sentenced to three years and nine months for running a $500 million hedge-fund scam uncovered by investigators probing Bernard Madoff’s Ponzi scheme (United States v. Bitran, D. Mass., 1:14-cr-10243, 12/14/15).
His son Marco Bitran was given the same sentence.
Bitran, an associate dean at MIT’s Sloan School of Management, and his son were accused of wooing investors to GMB Capital Management LLC with fake claims of success in managing family and friends’ accounts using a trading model based on his research. The two pleaded guilty a year ...
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