Gabriel Bitran, 70
Federal prosecutors say 70-year-old Gabriel Bitran and 40-year-old Marco Bitran were sentenced Monday to 45 months in prison and over $11 million in restitution.
The two pleaded guilty to securities fraud, wire fraud and obstruction of justice last year in connection with their hedge fund businesses, GMB Capital Management and GMB Capital Partners.
Prosecutors say the men claimed they could produce annual returns of 16 to 23 percent based on the elder Bitran's investment theories.
But authorities say some of the $500 million invested with them was put into Bernard Madoff-connected funds.
Former MIT dean, son to serve prison time for hedge fund scam
Gabriel Bitran, 70, and Marco Bitran, 40, sentenced Monday to 45 months in prison
UPDATED 9:36 PM EST Dec 16, 2015