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MIT professor, son pay $4.8m to settle fraud charges

By Globe staff and wire services

 |   

  April 20, 2012

A Boston hedge-fund manager and his son will pay $4.8 million to settle US regulatory claims that they lured customers with a fabricated track record before investing with other funds, including Bernard L. Madoff’s fraud. Gabriel Bitran, 66, founded GMB Capital Management LLC in 2005 and with his son Marco Bitran raised more than $500 million over a three-year period, the Securities and Exchange Commission said in an administrative order filed Friday.

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