by Wall Street Job Report on July 5, 2012
Last week, the Securities and Exchange Commission filed a fraud suit against hedge fund billionaire Phil Falcone and his Harbinger Capital Partners. The SEC alleges that Falcone and his fund engaged in “illicit conduct that included misappropriation of client assets, market manipulation and betraying clients,” the release said.
In the SEC’s complaint, the regulatory authority alleges that back in 2009 Falcone used Harbinger’s Special Situations Fund (SSF) money, which he allegedly had blocked investors from withdrawing, to pay $113.2 million in state and federal taxes
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