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A former Massachusetts Institute of Technology professor and his son agreed to plead guilty to charges stemming from a scheme to lure investors to their hedge fund with false promises about investment strategies, according to federal prosecutors.

Gabriel Bitran, a former professor and associate dean of MIT’s Sloan School of Management, and his son, Marco Bitran, lied to investors in GMB Capital Management LLC who provided more than $500 million to the fund, prosecutors in Boston said. The Bitrans’ funds incurred losses of more than $140 million of investors’ money while they paid themselves millions of dollars in management fees, prosecutors said.