BOSTON — A former Massachusetts Institute of Technology professor and his son have agreed to pay $4.8 million to settle allegations that they misled investors in their hedge fund companies.
Federal prosecutors said Tuesday that 69-year-old Gabriel Bitran and 36-year-old Marco Bitran lied, telling investors 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 $140 million of their investors' principal.
As part of the agreement, 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.
Lawyers for both men said their clients accept responsibility and want to put the matter behind them.
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