Philip Falcone in Hot Water with SEC
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Philip Falcone CEO of Harbinger Capital is facing a lawsuit from U.S. regulators as early as this week, according to reports out of Bloomberg. The lawsuit claims he improperly borrowed client funds to pay his taxes. He also allegedly gave preferential treatment of Goldman Sachs Group inc. Falcone could also face a market manipulation claim from the SEC related to MAAX Holdings bonds, according to anonymous sources.
Harbinger Capital was founded by Falcone in 2001. In 2008 it had $26 billion in capital, but that number is estimated to be much lower after large redemptions began at the company in 2010.
Harbinger Capital was founded by Falcone in 2001. In 2008 it had $26 billion in capital, but that number is estimated to be much lower after large redemptions began at the company in 2010.
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