Phil Falcone and hedge fund Harbinger to pay $18M to settle with SEC; Falcone barred 5 years

  • Article by: CHRISTINA REXRODE , Associated Press
  • Updated: August 19, 2013 - 6:02 PM

NEW YORK — Hedge fund titan Phil Falcone and his firm, Harbinger Capital Partners, will pay $18 million to settle Securities and Exchange Commission charges over Falcone's use of firm money and other accusations, regulators said Monday.

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woopdeedooAug. 19, 13 4:25 PM

Good thing he stayed out of prison. We musnt break this wonderful streak of financial executives screwing the economy over and getting a simple handslap.

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gofurnuttAug. 19, 13 4:36 PM

Unbridled Hedge Funds and Their Games With No Oversight Were More Than Partially Responsible For The Financial Collapse of Our Economy..... This Includes The Mortgage Fund Apocalypse that Many of The Industry Knew Was Bad Going In. Why Doesn't Anyone Ever Go to Jail???? When They Can Find Enough Actual Non-Destroyed Evidence of These Shenanigans The Perpetrators Need To Be Banned For Life.....P.S....I Know It's so Much Easier To Jail a Teenager for 20 Years After Holding Up a Convenience Store with a Water Pistol.....But,There has Got To Be Some Common Ground on the Ridiculous Approval of This Blatant Criminality In the Financial System...It's All Just Funneee Money that They are Getting Rich On...It's Not Even Real, Except For A Society That Seems To Say it Is....

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mouthwashAug. 19, 13 4:59 PM

Only the Kings of the United States (business managers & executives) can buy themselves away from a cell with Bubba. Come to think of it, why else would it be that all judges spring from the "corporate servicing attorney" trade? Simply reinforces the above verdict-buyoff pattern.

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nativesonzzAug. 19, 13 5:25 PM

18 million total?? That is like fining any normal citizen $180.00. Mary Jo White, the SEC chairwoman spent her career as a private attorney defending big banks. Crimes happen on Wall Street on an hourly basis. The SEC is like cops catching speeding cars...every now and then they make an arrest/quota.

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Packman_1Aug. 19, 13 5:44 PM

This is like a bank robber ordered to stay out of banks for 5 years. Oh, and please return 1% of the money you stole and promise not to do it again. It just goes to show that the rich set their own sentences while the poor go to jail.

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patasticAug. 19, 13 5:52 PM

Will anyone from MF Global ever be charged with a crime? They TOOK $1.6 billion from people who deposited their money with them. Money that MF Global had no claim to. If the SEC can't charge anyone with a crime there, everyone must now this is a joke.

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mouthwashAug. 19, 13 5:55 PM

@ Packman_1 - What's more, the judiciary tends to be specifically selected from the ranks of corporate-servicing attorneys with a history of helping make that kind of thing more probable from the corporate vantage.

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fwallenAug. 19, 13 6:04 PM

Why no mention of his history and political ties? Stribs bias is showing.

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d434478Aug. 19, 13 6:05 PM

Chisholm boy makes good! Ah...plenty of rich go to jail...including Marta Stewart and Enron and Madoff...not exactly making their own sentences. But anyway, Phil is a big time dealer who came from nothing...Hope he gets it make on track.

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wardnjuneAug. 19, 13 6:15 PM

What a joke. As Elizabeth Warren would say: “When was the last time you took the Wall Street banks to trial?” When will be the FIRST time?

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