Harbinger's Falcone Rejects SEC Settlement Deal

Law360, New York (December 23, 2011, 2:00 PM EST) -- Harbinger Capital Partners LLC founder Philip Falcone has turned down a settlement offer from the U.S. Securities and Exchange Commission over potential fraud claims, which would have banned him from the securities industry for several years, according to news reports Friday.

Citing sources close to the matter, the Wall Street Journal said the SEC had taken action to reach a settlement shortly before regulatory filings revealed Dec. 9 that Falcone and two senior HCP executives had been warned they may face investigation by the SEC for...
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