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.

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