Founder Of New Castle Hedge Fund Nears Plea Deal In Galleon Case

Jan 19 2010 | 1:54pm ET

Prosecutors are poised to win their eighth guilty plea in the Galleon Group insider-trading case, as a co-founder of hedge fund New Castle Partners nears a plea deal.

The U.S. Attorney’s office said Friday that is was “in the process of finalizing a plea agreement” with Mark Kurland, a partner at New Castle. Kurland is one of two people who worked at New Castle to be charged in the case; the other, former executive Danielle Chiesi, pleaded not guilty to insider-trading charges alongside Galleon founder Raj Rajaratnam last month.

Chiesi worked for Kurland at New Castle.

All told, 21 people have been charged in the alleged insider-trading ring; seven have already struck deals with prosecutors and pleaded guilty.

In addition to the impending deal with Kurland, prosecutors may also be near deals with two others charged in the case, former IBM executive Robert Moffat and former Intel executive Rajiv Goel, Assistant U.S. Attorney Joshua Klein wrote in a court filing. The indictment of all three men has been delayed until Feb. 16.


In Depth

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Is Steven Cohen Going to Buy the Brooklyn Nets?

Jan 19 2015 | 6:49am ET

Rumors that Steve Cohen was interested in the Brooklyn Nets emerged after Scott...

Guest Contributor

Investors Benefit From Evolution Of Fund Of Hedge Funds Model

Jan 22 2015 | 12:27pm ET

The evolution of the fund of hedge funds model over the last few years represents...

 

Editor's Note