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SEC Rejects Phil Falcone's Settlement Proposal

Jul 22, 2013
Jing Chen

The Securities and Exchange Commission has rejected hedge fund manager Phil Falcone’s $18 million proposal to settle charges of market manipulation and other violations.

Commissioners voted 3-1 against the settlement proposal last week during a closed-door meeting mostly in part that they believe Falcone’s proposal was too weak, according to Reuters. The rejection follows SEC chair Mary Jo White’s decision to be more aggressive in dealing with settlements; Falcone’s proposal would not bar him from serving in a senior position of a public company.

eVestment reported last year that the SEC charged Falcone and his hedge fund Harbinger Capital Partners of taking out a $113.2 million loan from his firm for personal use, giving preferential treatment to certain investors, and manipulating the market price of certain bonds and stocks.

Falcone manages approximately $3.1 billion for New York-based Harbinger Capital.

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eVestment’s 2015 Hedge Fund Industry Outlook

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