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Harbinger Settles Fraud Charges

May 09, 2013
Jing Chen

Hedge fund manager Phil Falcone and his firm Harbinger Capital Partners has reached a settlement with the Securities and Exchange regarding fraud charges.

The Wall Street Journal reported that New York-based Harbinger has agreed to pay $18 million without having to admit or deny the allegations of fraud. The agreement also allows Falcone to remain the chief executive officer of Harbinger, however he is barred from raising new capital or making new investors through the firm for two years.

According to an eVestment article from last year, the SEC filed charges against Falcone and Harbinger of giving preferential treatment to certain investors and manipulating the market price of certain bonds and stocks. The SEC also claimed in its complaint that the hedge fund manager illegally took out a $113.2 million loan from his fund to pay his personal tax bill in 2009.

The agreement is pending court approval.

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