NY Blocks Falcone From Managing Insurance Business

Law360, New York (October 7, 2013, 4:33 PM EDT) -- New York hedge fund adviser Philip A. Falcone, who agreed in August to pay $18 million to settle allegations that he improperly used client funds for personal use, has been banned from exercising management control over any New York-licensed insurer for seven years, state officials said Monday.

The ban, announced by the New York State Department of Financial Services, stems from the settlement Falcone reached with the U.S. Securities and Exchange Commission in August, the agency's Superintendent Benjamin M. Lawsky said.

The global ban is important because...
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