Mount Kisco Resident Pleads Guilty to Insider Trading

ABC News reports that Mark Kurland, a 61-year-old Mount Kisco resident and a former senior managing director at New Castle Partners, pleaded guilty Wednesday to federal securities fraud charges involving insider trading. He admitted making $900,000 from his illicit deals.

Kurland was one was eight people to plead guilty in a broad insider trading case that centers around a man named Raj Rajaratnam, a portfolio manager at a hedge fund called the Galleon Group. Rajaratnam is accused of illegally collecting $50 million. 

As part of his plea, Kurland will forfeit $900,000 and could be sentenced on April 27. The maximum penalty for his offense is 25 years in prison, but ABC reports that his plea agreement may allow for him to only stay in prison for two and a half to three years.