Chiesi's Former Boss Settles SEC Suit

Feb 1 2011 | 11:59am ET

Mark Kurland, who is serving more than two years in prison for his role in the Galleon Group insider-trading case, has settled with the Securities and Exchange Commission.

The former head of hedge fund New Castle Partners will pay $4.4 million to end the civil case against him, a total which includes ill-gotten gains and interest. The SEC also agreed to drop its lawsuit against the now-defunct New Castle.

Kurland had previously been ordered to forfeit $900,000.

Kurland was the boss and, it turned out, lover of Danielle Chiesi, the former co-defendant of Galleon founder Raj Rajaratnam. Chiesi herself pleaded guilty last month; Kurland entered his guilty plea last January.

Rajaratnam goes on trial at the end of the month.

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