Falcone Admits Wrongdoing In Landmark $18M SEC Pact

Law360, New York (August 19, 2013, 4:41 PM EDT) -- Philip Falcone and his hedge fund Harbinger Capital Partners LLC on Monday admitted wrongdoing as part of an $18 million fraud settlement with the U.S. Securities and Exchange Commission, as the agency broke with its long-standing policy of allowing defendants to neither admit nor deny guilt.

Falcone and Harbinger admitted to multiple acts of misconduct as part of the settlement, the SEC said. The deal resolves allegations that the defendants engaged in market manipulation designed to spite Goldman Sachs Group Inc., and that Falcone failed to...
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