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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Phil Falcone Barred from Serving in Harbinger's Insurance Unit

Oct 07, 2013
Jing Chen

Embattled hedge fund manager Phil Falcone has been banned from his involvement at Fidelity & Guaranty Life Insurance, a unit of his firm Harbinger Group.

Reuters reported that the New York State Department of Financial Services has barred Falcone from serving as an officer or director at the insurance unit, as well as any of Harbinger Group’s subsidiaries and New York-licensed insurance insurer for seven years.

Fidelity & Guaranty Life is a unit of Harbinger Group, which is majority-owned by Falcone's hdge fund firm Harbinger Capital.

In August, Falcone admitted wrongdoing and agreed to pay an $18 million fine to settle civil fraud charges with the Securities and Exchange Commission after being charged by the agency 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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