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May 10, 2013

Falcone and S.E.C. Reach a Deal

“When federal regulators sued the high-flying money manager Philip A. Falcone last summer, they claimed his actions “read like the final exam in a graduate school course in how to operate a hedge fund unlawfully.”

By Thursday, the agency appeared to be softening its tone.

Nearly a year after the Securities and Exchange Commission accused him of manipulating the market, using hedge fund assets to pay his own taxes and “secretly” favoring select customers at the expense of others, Mr. Falcone disclosed in a public filing that he had “reached an agreement in principle” to settle the two cases with the agency. The S.E.C. also struck a deal with Harbinger Capital Partners, Mr. Falcone’s flagship hedge fund.

The settlement, which came after a federal judge in New York questioned aspects of the cases, would be a moral victory of sorts for Mr. Falcone, who has stubbornly resisted a deal for more than a year. It might also reignite concerns that the S.E.C.’s results sometimes fall short of its ambitions.”


Read full New York Times story here

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