MANHATTAN (CN) – The former manager of a Bear Stearns hedge fund was sentenced to 27 months in federal prison for his role in the largest hedge fund insider trading case in history. Mark Kurland pleaded guilty in January to insider trading and securities fraud.
Kurland, 61, of Mount Kisco, N.Y., was a senior managing director at New Castle Partners, which operated as an equity hedge fund at Bear Stearns Asset Management and JP Morgan Chase.
He admitted participating in a scheme with two co-workers to use nonpublic information to trade shares of Advanced Micro Devices, Akami Technologies and Sun Microsystems, from August 2008 to January 2009.
U.S. District Judge Victor Marrero called Kurland’s role in the so-called Galleon scheme “”an egregious example of illegal insider trading by someone who should have known better.”
Kurland also must forfeit $900,000 and serve 2 years of supervised release.