MIT Tech – A former associate dean of MIT’s Sloan School of Management and his son have pleaded guilty to securities fraud and obstruction of justice after allegedly losing $140 million of investors’ money in hedge funds.
Gabriel Bitran PhD ’75, a 69-year-old Newton resident, and his son Marco Bitran ’97, allegedly attracted investors from 2005 through 2011 by promising to invest using a complex mathematical trading model developed by Gabriel Bitran at MIT. They brought in $500 million, but in reality invested much of the money in other hedge funds, according U.S. Attorney Carmen M. Ortiz in Boston.
