Thu, Mar 23, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

SEC may sue Harbinger Capital's Falcone

Wednesday, June 27, 2012

Bailey McCann, Opalesque, New York: The Securities and Exchange Commission (SEC) may sue the CEO of US-hedge fund Harbinger Capital over claims he improperly borrowed client money from his hedge fund to pay his taxes and gave preferential treatment to Goldman Sachs Group Inc., according to a Bloomberg account. The SEC has voted to authorize an enforcement action against Falcone but the terms of that action are not public, the news agency reports.

Falcone has said that he is prepared to fight any lawsuit brought by the regulator or another party. Falcone and his fund have been under fire since the US Government put a stop to broadband deployment activities of LightSquared, a wireless technology firm that was Harbinger's biggest investment. The company recently came to an agreement in court with some of its biggest lenders about how it will use its cash after recently filing for bankruptcy.

Harbinger has also sought a new loan from MSDC Management LP, the firm which manages Michael Dell's money to replace an earlier loan from Jefferies which was set to mature in the near term at the extr......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Hedge fund liquidations in 2016 surpass 2009 levels, new launches decline[more]

    Benedicte Gravrand, Opalesque Geneva: Even as the hedge fund industry's total assets exceeded the $3tln milestone last year, hedge fund liquidations increased. So much so that 2016 had the highest number of liquidations since 2008, claims the latest HFR Market Microstructure Report, re

  2. Hedge funds find no joy in macro as returns lag Trump rally[more]

    From Gulfnews.com: In 2017, macro hedge funds were expected to shine. So far? Not so much. It's been a far from impressive first two months for funds that trade around macroeconomic events. Discretionary funds rose just 0.3 per cent through February, according to Hedge Fund Research Inc., while the

  3. Strategies - Billionaire investor Marc Lasry shares how he's playing markets right now, Classic models are failing FX hedge funds desperate for return[more]

    Billionaire investor Marc Lasry shares how he's playing markets right now From CNBC.com: Buy on the prospect of deregulation. Sell on the enactment of deregulation. That's the strategy that billionaire investor Marc Lasry is implementing, according to an interview with CNBC in Las Vegas

  4. Opalesque Exclusive: Aberdeen makes the case for the lower mid-market[more]

    Bailey McCann, Opalesque New York: Aberdeen Asset Management has released a new paper focused on lower mid-market private equity. According to the paper, this segment of the private equity market is gaining popularity with private equity investors that are looking for multiple expansion and less

  5. Hedge funds await outcome of French elections, feel pinch on lower oil prices & weak dollar[more]

    Komfie Manalo, Opalesque Asia: Hedge funds felt the pinch of lower oil prices and weak U.S. dollar as the Lyxor Hedge Fund Index was marginally down as of the week ending 14 March, Lyxor Asset Management said in its Weekly Briefing. The Lyxor He