We received an email alert from Bloomberg News regarding billionaire hedge fund manager Phil Falcone. Bloomberg’s Katherine Burton and Joshua Gallu published an article titled “SEC Said to Authorize Lawsuit Against Harbinger’s Falcone”. Here is what the article says:
Philip Falcone, the billionaire founder of Harbinger Capital Partners LLC, faces a lawsuit from U.S. regulators as soon as this week over claims he improperly borrowed client funds to pay his taxes and gave preferential treatment to Goldman Sachs Group Inc., according to two people familiar with the matter.
Falcone, 49, may also face a market manipulation claim related to trading in bonds of MAAX Holdings Inc., said the people, who asked not to be identified because the matter isn’t public. The Securities and Exchange Commission voted to authorize enforcement staff to file the case, the people said.
Read the article here.