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.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of