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Judge Accepts Falcone's Settlement

Sep 17, 2013
Jing Chen

Hedge fund manager Phil Falcone’s $18 million settlement with the Securities and Exchange Commission has been approved by a federal judge.

Bloomberg reported that U.S. District Judge Paul A. Crotty said in a written order Monday that the agreement reached last month with Falcone and his firm Harbinger Capital Partners is “appropriate and proportionate to the defendants’ admitted wrongful conduct.”

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

According to an earlier eVestment article, 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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