Law360, New York (June 27, 2012, 5:09 PM ET) -- The U.S. Securities and Exchange Commission on Wednesday sued Philip A. Falcone and his hedge fund, Harbinger Capital Partners LLC, claiming the billionaire investment adviser manipulated bond prices, gave preferential treatment to certain investors and used firm assets to pay his taxes.
In a complaint filed in Manhattan federal court, the SEC alleged Falcone took a $113 million loan from an affiliated special situation fund in October 2009 and used the money to pay his personal taxes. He also manipulated the price and availability of distressed...
SEC Sues Falcone Over Market Manipulation, $113M Loan
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