Saturday, 20 December 2014
Last updated 1 day ago
Sep 17 2013 | 11:27am ET
Harbinger Capital Management founder Philip Falcone is officially out of the hedge fund business.
A federal judge in New York yesterday signed off on Falcone's settlement with the Securities and Exchange Commission, which features a five-year ban on managing hedge funds. Falcone will still be permitted to run his listed permanent-capital vehicle and wireless Internet venture LightSquared.
The ban and $18 million fine are "appropriate and proportionate to the defendants' admitted wrongful conduct," U.S. District Judge Paul Crotty said.
Falcone was forced to admit wrongdoing as part of the deal, part of SEC Chairman Mary Jo White's push to limit the agency's former standard practice of allowing almost all defendants settle without admitting or denying guilt. Indeed, the SEC rejected an earlier settlement with Falcone that did not include an admission of wrongdoing.
The SEC sued Falcone and Harbinger last year, accusing the hedge fund manager of taking an improper loan from the firm to pay his taxes, of granting Goldman Sachs preferential redemption treatment and of market manipulation.
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.