A Harbinger Of More Aggressive SEC Settlements

Law360, New York (August 23, 2013, 12:17 PM ET) -- The U.S. Securities and Exchange Commission recently announced that Philip A. Falcone, a New York-based hedge fund advisor, and the hedge fund he managed, Harbinger Capital Partners LLC, have agreed to settle allegations of misappropriation of client assets, market manipulation and client betrayal.

The settlement requires Falcone and Harbinger Capital to pay more than $18 million in penalties and, in the case of Falcone, to be banned from the securities industry for at least five years. Most notably, however, the settlement also required Harbinger Capital and...
To view the full article, register now.