Friday, 29 August 2014
Last updated 15 hours ago
Jul 22 2013 | 6:33am ET
The SEC has rejected an $18 million settlement with billionaire Phil Falcone and his hedge fund, Harbinger Capital Partners. The decision was revealed Friday in a filing by Harbinger Group—the publicly traded entity run by Falcone, which is not being targeted by regulators.
While no reason was given for the SEC’s vote to turn down two settlements, which had been negotiated by the regulator’s own enforcement staff, agency head Mary Jo White wants to do away with the language common in settlements where those being fined neither confirm nor deny guilt.
Last summer, the SEC charged Falcone with market manipulation, favoring certain investors—including Goldman Sachs—and borrowing money from the fund to pay his personal taxes. If the SEC had accepted the deal, the billionaire money manager would have had to return outside money in his fund and bar him from running a fund for two years. He would, however, be able to retain his title as CEO of Harbinger Group, and could potentially launch a new hedge fund in the future.
Falcone could now face trial on the charges.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...