Saturday, 23 May 2015
Last updated 19 hours ago
Jan 3 2014 | 1:26pm ET
Phil Falcone may not be a hedge-fund manager anymore, but he'll still be paid handsomely next year.
The Harbinger Capital Management chief, who accepted a ban from the hedge-fund industry last year, could be paid more than $21 million next year as chairman and CEO of Harbinger Group, the permanent-capital vehicle he set up in 2009. While Falcone's deal with the SEC bans him from managing a hedge fund, he was permitted to continue to run the listed entity.
Falcone will receive a $500,000 base salary for the fiscal year ending Sept. 30 of this year, and is eligible for up to $20.75 million in bonuses, according to a regulatory filing last month by Harbinger Group.
He could also be in line for a big stock grant: Harbinger Group said it was "negotiating the terms and conditions of an employment agreement with Mr. Falcone and anticipates granting Mr. Falcone an initial equity award."
Falcone's pay for next year is in line with that received last year by Harbinger Group President Omar Asali, who received $20.5 million in total compensation.
Falcone accepted the five-year ban from the hedge fund industry and an $18 million fine in August to settle allegations that took an improper loan from Harbinger's hedge funds to pay his taxes, granted Goldman Sachs preferential redemption treatment and manipulated markets. He was forced to admit wrongdoing as part of the deal with the Securities and Exchange Commission.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…