SEC Drops Falcone’s $18M Fraud Deal

Law360, Chicago (July 19, 2013, 1:46 PM EDT) -- The U.S. Securities and Exchange Commission has scuttled an $18 million proposed settlement of two separate suits accusing Philip Falcone and his hedge fund Harbinger Capital Partners LLC of fraud, the firm said in a securities filing on Friday.

Harbinger said it was informed late Thursday that the agency’s commissioners voted against the settlement, which also included a stiff two-year industry ban for Falcone but did not require him or Harbinger to admit any wrongdoing. The filing did not give any indication as to why the...
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