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Alternative Market Briefing

Harbinger's Falcone sued by SEC for fraud

Thursday, June 28, 2012

Bailey McCann, Opalesque, New York: Yesterday, Opalesque reported that the Securities and Exchange Commission (SEC) had voted to sue Harbinger Capital CEO, Phil Falcone, at that time reports indicated that the suit could come as early this week. Moments ago, the SEC filed suit against Falcone.

According to the regulator, New York-based hedge fund adviser Philip A. Falcone and his advisory firm, Harbinger Capital Partners LLC for illicit conduct that included misappropriation of client assets, market manipulation, and betraying clients. The SEC also charged Peter A. Jenson, Harbinger’s former Chief Operating Officer, for aiding and abetting the misappropriation scheme. Additionally, the SEC reached a settlement with Harbinger for unlawful trading. In a separate, settled action, the SEC charged Harbert Management Corporation, whose affiliates served as the managing members of two Harbinger-related entities, as a controlling person in the market manipulation.

The regulator has accepted that settlement, however the suit still appears to be moving forward. According to the administrative order filed by the SEC today, Falcone and Harbinger are ......................

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