Thursday, May 9, 2013

Philip Falcone Said to Settle With S.E.C.

According to Dealbook, Bad boy, Philip A. Falcone, the once high-flying hedge fund manager whose recent brush with federal regulators capped a rapid fall from grace, is now poised to exit the government’s cross-hairs.

In a public filing on Thursday, Falcone disclosed that he had  “reached an agreement in principle” with investigators at the Securities and Exchange Commission, which accused him last year of manipulating the market, using hedge fund assets to pay his taxes and “secretly” favoring select customers at the expense of others. The settlement extends to Harbinger Capital Partners, Mr. Falcone’s flagship hedge fund.

The deal, which still requires approval from the S.E.C.’s commissioners, presents a mixed outcome for Falcone, who has stubbornly resisted a settlement for more than a year….

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