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Feb 7 2014 | 11:35am ET
A private-equity manager will oversee Harbinger Capital Management during firm founder Philip Falcone's five-year ban from acting as a hedge-fund manager.
Jim Dunning, who leads Dunning Group, was chosen from five candidates by the Securities and Exchange Commission, whose settlement last year with Falcone called for an independent monitor.
"Jim Dunning was among the slate of independent monitor candidates proposed by Harbinger Capital," Mattew Dontzin, a lawyer for the hedge fund, said. "We are pleased with the court's approval of Mr. Dunning, and look forward to working cooperatively with him."
Dunning's appointment was announced in a letter yesterday to Harbinger clients.
Harbinger and Falcone agreed to the ban, monitor and $18 million in fines in August, after an earlier, less onerous pact with the SEC was rejected. The firm and its founder were accused of granting Goldman Sachs preferential redemption treatment and of market manipulation, and of granting an improper loan to Falcone to cover his taxes.
The deal does not bar Falcone from managing his permanent-capital vehicle, Harbinger Group.