Harbinger Founder's Wife Charged With DWAI

Sep 4 2012 | 1:08pm ET

The last thing that Harbinger Capital Management founder Philip Falcone needed was another problem. But that's exactly what he's got after his wife was charged with driving while ability impaired over the holiday weekend.

Lisa Marie, Falcone's colorful spouse, allegedly crashed her car in Bridgehampton, N.Y., on Saturday afternoon. Police charged her with driving with ability impaired; she could face a fine of up to $500.

The accident happened at Montauk Highway and Hayground Road, just east of the tony hamlet of Water Mill. The Falcones themselves have a home in nearby Sagaponack. Neither Falcone nor anyone else was injured.

A source with knowledge of the matter told FINalternatives that Falcone was charged after admitting to having a drink three hours before driving, and that she had a blood alcohol level of 0.03, about half the legal limit. Falcone was also asked if she was on prescription medication, which she confirmed.

Falcone was released on her own recognizance and was back in court today, when her case was adjourned until Oct. 3, pending the results of a blood test.

Falcone's husband is currently fighting a Securities and Exchange Commission fraud lawsuit while simultaneously trying to save his troubled wireless Internet venture, LightSquared, and turn his hedge fund, which lost almost half of its value last year, around.

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