Former MIT Business School Professor Doesn’t Want To Quibble Over Details Of His Hedge-Fund Fraud


OK, maybe just a little. It’s not that Gabriel Bitran is denying that he and his son defrauded 100 people out of $140 million by telling them he’d come up with a bunch of can’t-miss investing models that told him to invest with Bernie Madoff and Tom Petters. Far from it. It’s just that he—academic that he is, after all—has a slightly different take on things, although yesterday’s plea hearing apparently wasn’t the place to get into that.

After Assistant U.S. Attorney Sara Bloom described the scheme in court, Gabriel Bitran told the judge, “We have different interpretations” of facts at issue in the case, without providing specifics.

“I don’t want to give you the impression we in any way are trying to get away from the fact we did commit the fraud that is described,” Bitran said.

Ex-MIT Professor’s Judge Weighs Madoff-Linked Scam Plea [Bloomberg]