Friday, 26 December 2014
Last updated 2 days 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.