Falcone Faces Industry Ban Under $18M SEC Pact

Law360, New York (May 09, 2013, 12:20 PM ET) -- Philip Falcone and his hedge fund Harbinger Capital Partners LLC have struck an $18 million settlement in two U.S. Securities and Exchange Commission suits that includes a two-year industry ban for the once-celebrated investment manager, the firm said Thursday.

The pact is an “agreement in principle” and must be formally approved by the agency’s commissioners and a New York federal judge, Harbinger said in an SEC filing. It would resolve two suits filed in June: one alleging Harbinger and Falcone engaged in market manipulation designed to...
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Case Information

Case Title

Securities and Exchange Commission v. Falcone et al

Case Number

1:12-cv-05027

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Paul A. Crotty

Law360 Coverage

Date Filed

June 27, 2012


Case Title

Securities and Exchange Commission v. Harbinger Capital Partners LLC et al

Case Number

1:12-cv-05028

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Paul A. Crotty

Law360 Coverage

Date Filed

June 27, 2012

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Companies Mentioned

Government Agencies Mentioned

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