Ex-New Castle Partner, Ex-IBM Exec Settle SEC Insider Case - Law Blog - WSJ

White Collar Watch: Ex-New Castle Partner, Ex-IBM Exec Settle SEC Insider Case - Law Blog - WSJ: "A one-time partner at a former Bear Stearns hedge fund and a former IBM executive have settled civil litigation stemming from a broad insider-trading probe that has ensnared several hedge fund managers.

Mark Kurland, a former partner at defunct New Castle Funds LLC (pictured), will pay about $4.4 million to end a lawsuit by the Securities & Exchange Commission, while Robert Moffat, a former IBM executive, has agreed to a ban from serving as an officer or director of a public company.

Kurland, 62 years old, pleaded guilty last year to conspiracy and securities fraud last year and is serving a 27-month prison sentence. Moffat, who also pleaded guilty to criminal charges, is serving a six-month sentence. Check out previous stories about Kurland and Moffat here, here, here and here.

Kurland and Moffat, 54, were arrested along with Galleon Group founder Raj Rajaratnam, former New Castle consultant Danielle Chiesi and others in October 2009. Rajaratnam, who has denied wrongdoing, is set to go to trial in his criminal insider-trading case in late February"