Hedge fund manger Philip Falcone to face two year ban from SEC and $18 million fine

  • Article by: Patrick Kennedy , Star Tribune
  • Updated: May 9, 2013 - 7:23 PM

The Chisholm native and part-owner of the Minnesota Wild has agreement in principle to settle civil actions.

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mike2636May. 9, 1312:46 PM

Exactly what is "Civil" fraud?

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falcon1681May. 9, 13 2:21 PM

A way to avoid pressing criminal charges.

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seastormMay. 9, 13 2:23 PM

The fraud is not civil, the charges are. Meaning, the SEC brought a civil suit against him (they sued him in court, just like you could sue me) as opposed to the government bringing criminal charges against him. That's why the penalties here are fines and bans, not jail time. All SEC cases are civil (though sometimes prosecutors will file a criminal case, too, e.g. Madoff).

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marcus100254May. 9, 13 6:23 PM

I hereby appeal to Wild majority owner Craig Leipold to either buy out Mr Falcones share of ownership in the club or find someone who will/can. The SEC banishment/fine is a joke, $18mil is lunch money to guys like Falcone. On top of that the SEC is chock full of Falcones contemporaries, people who are hardly going to do anything harsh to one of their own. These people regularly game our system while the govt looks the other way. The only outcome with any integrity would be to get Mr Falcone as far away from the ownership of our hockey club as is possible. The SEC verdict is totally lacking in any integrity....

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tcatheartMay. 9, 13 8:22 PM

Who needs government oversight? Wall Street will police themselves, right?

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