Another Guilty Plea in Giant Hedge Fund Case

(CN) - Mark Kurland, a former hedge fund manager pleaded guilty to conspiracy and inside trading Wednesday in what federal prosecutors call "the largest hedge fund insider trading case in history."

Kurland, 61, was senior managing director at New Castle Partners, an equity hedge fund at Bear Stearns Asset Management and then at JP Morgan Chase.

Kurland, of Mt. Kisco, N.Y., faces up to 5 years in prison for conspiracy and up to 20 years for securities fraud, plus forfeiture of ill-gotten gains. He will be sentenced on April 27.

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