12/17/2023 0 Comments Commerzbank starmoney![]() The SEC also claimed Falcone illegally loaned himself $113 million from the fund to pay his taxes, leaving investors unable to access their own money. The government asserted that at the height of the financial crisis, when many of the fund’s assets were tied up in the collapse of Lehman Brothers, Falcone let select investors get out while denying that opportunity to others. In its lawsuits, the SEC accused Falcone of market manipulation, giving preferential treatment to certain investors and borrowing cash from his own fund to pay his personal taxes. Harbinger Capital owned 96 percent of LightSquared. Falcone, 50, a high-profile money manager who has not been shy about flaunting his success, began to see his reputation unravel last year after his big bet on wireless telecom company LightSquared went bad, with the company forced to file for bankruptcy. The agreement would bring to a close one of several major problems for the beleaguered money manager. His hedge fund is one of the largest investors in Harbinger Group. It would, however, would permit Falcone to remain CEO of Harbinger Group, which has been acquiring stakes in insurance-related businesses. While the dollar amount involved in the preliminary settlement is relatively small, the ban on new fundraising means Falcone will have to continue winding down his hedge fund. The settlement would also include the payment of $18 million. Securities and Exchange Commission was disclosed in a filing by Harbinger Group Inc HRG.N, the publicly traded investment company of which Falcone is chairman and chief executive. The agreement by Falcone and his hedge fund, Harbinger Capital Partners, to settle two lawsuits brought by the U.S. NEW YORK (Reuters) - One-time star money manager Philip Falcone will be barred from starting another hedge fund for two years as he winds down his existing fund and returns money to investors, under a preliminary deal with securities regulators to settle fraud and other charges that was made public on Thursday.
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