Former hedge fund manager at Bear Stearns Asset Management Mark Kurland was sentenced last Friday to 27 months in prison in connection to an insider-trading scheme at hedge fund Galleon Group, according to court papers from the United States District Court for the Southern District of New York.
Kurland, who pleaded guilty to conspiracy to commit securities fraud, was founder of New Castle Parnters hedge fund in Manhattan.
Galleon founder Raj Rajaratnam and other executives are currently fighting the case. Rajaratnam so far has denied any wrongdoing.
“He became a joiner, surrendering to the spree of the financial market's virtual mob mentality that nearly brought down this country's financial industry in the quest for ever bigger and faster gains," said U.S. District Judge Victor Marrero.