Saturday, 18 April 2015
Last updated 4 hours ago
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.
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…