Judge OKs $18M Falcone Settlement With SEC

Law360, Los Angeles (September 16, 2013, 10:53 PM EDT) --  A New York federal judge on Monday approved an $18 million settlement between Philip Falcone and the U.S. Securities and Exchange Commission in which the ex-hedge fund manager admitted wrongdoing in borrowing more than $113 million of his investors' money and running an illegal "short squeeze."

U.S. District Judge Paul A. Crotty confirmed the deal, initially announced in August, which forces Falcone and Harbinger to pay $18 million in disgorgement and bans Falcone from participating in the securities industry for five years. For his end of the...
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