Hedge Fund Founder To Plead Guilty In Galleon Case Today

Jan 27 2010 | 3:44am ET

A co-founder of hedge fund New Castle Partners seems to have reach a plea deal with prosecutors for his role in the alleged Galleon Group insider-trading circle.

Mark Kurland has agreed to be charged in a criminal information, which likely means he will waive indictment and plead guilty, federal prosecutors said in a court filing yesterday. Kurland is scheduled to appear in court this afternoon.

Kurland’s plea is no surprise: Prosecutors said on Jan. 15 that they were “in the process of finalizing a plea agreement” with him. He would be the eighth person—of the 21 charged—to plead guilty in the case.

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.

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