Ex-MIT dean, son plead guilty to hedge fund scam

CNN Money reports:

The former deputy dean of MIT's business school and his son agreed to plead guilty Tuesday to operating a $500 million hedge fund scam.

Gabriel Bitran, 69, who taught at MIT for 35 years and served as deputy dean at the Sloan School of Business for five, allegedly lied to clients about the return on investments his hedge fund GMB Capital Partners was delivering.

No word yet from imaginary numbers expert Jonathan Gruber, of MIT, on this story.