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MIT Business Professor, Son Make Settlement In Phony Investment Scheme

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(Photo by Joe Raedle/Getty Images)

(Photo by Joe Raedle/Getty Images)

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BOSTON (CBS)– An MIT Professor and is son have agreed to pay nearly $5 million  to settle charges they misled investors in their hedge  fund company.

Gabriel and Marco Bitran raised the money by telling them they had a strong track record in earning money, but an investigation by the Securities and Exchange Commission found that track record was based on hypothetical sales.

The business professor and his son will no longer be allowed to participate in the securities industry.

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