No Payday For Harbinger ‘Whistleblower’

Jul 28 2014 | 10:47am ET

A person who claimed to be behind the Securities and Exchange Commission’s fraud case against Harbinger Capital Partner has been denied credit—and a share of the $18 million paid to settle the allegations.

The SEC said last week that it has denied the unidentified person’s whistleblower claim, finding that he or she did not provide the information that led to its enforcement action against the hedge fund and that the claimant failed to properly file with the regulator. The agency gave no further information.

Harbinger and founder Philip Falcone last year agreed to pay $18 million to settle a number of allegations, including an allegedly improper loan to Falcone to pay his taxes, granting Goldman Sachs preferential redemption treatment and market manipulation. The accord also saw Falcone banned from the securities industry for five years.

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