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SEC orders hedge fund manager to pay $18 million
Source: USA Today
SEC orders hedge fund manager to pay 18 million
Kevin McCoy, USA TODAY 6:50 p.m. EDT August 19, 2013
Billionaire hedge fund manager Philip Falcone and his advisory company will pay more than $18 million and admit wrongdoing in a settlement with the Securities and Exchange Commission over his use of fund assets to pay personal expenses and other costs.
In a break with SEC tradition in which settlements typically include no acknowledgement of wrongdoing, the once highflying financier Falcone and his firm, Harbinger Capital Partners, admitted to multiple acts of misconduct in the settlement announced Monday.
Falcone will also be barred from the securities industry for at least five years.
The SEC alleged in 2012 that he improperly used $113 million in fund assets to pay his personal taxes, secretly favored redemption requests by some hedge fund investors at the expense of others and conducted an improper "short squeeze" in bonds issued by a Canadian manufacturing company.
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Kevin McCoy, USA TODAY 6:50 p.m. EDT August 19, 2013
Billionaire hedge fund manager Philip Falcone and his advisory company will pay more than $18 million and admit wrongdoing in a settlement with the Securities and Exchange Commission over his use of fund assets to pay personal expenses and other costs.
In a break with SEC tradition in which settlements typically include no acknowledgement of wrongdoing, the once highflying financier Falcone and his firm, Harbinger Capital Partners, admitted to multiple acts of misconduct in the settlement announced Monday.
Falcone will also be barred from the securities industry for at least five years.
The SEC alleged in 2012 that he improperly used $113 million in fund assets to pay his personal taxes, secretly favored redemption requests by some hedge fund investors at the expense of others and conducted an improper "short squeeze" in bonds issued by a Canadian manufacturing company.
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Read more: http://www.usatoday.com/story/money/markets/2013/08/19/falcone-sec-settlement/2673265/
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