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Phil Falcone Settles With SEC

Aug 19, 2013
Jing Chen

Hedge fund manager Phil Falcone has finally reached a settlement with the Securities and Exchange Commission.

In a statement released by the SEC today, Falcone and his New York-based firm Harbinger Capital Partners have agreed to pay more than $18 million and admit wrongdoing. The settlement, which must be approved by the U.S. District Court for the Southern District of New York, requires Falcone to pay $6,507,574 in disgorgement, $1,013,140 in prejudgment interest, and a $4 million penalty.

Falcone has also been barred from the securities industry for at least five years.

In a turn of events, Falcone’s $18 million proposal to settle charges of market manipulation and other violation was rejected by the SEC last month in part that the regulator believe that the hedge fund manager’s proposal was too weak.

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


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