Billionaire hedge-fund manager Philip Falcone agreed to a tougher settlement with U.S. regulators that includes a longer ban from the securities industry and an admission of wrongdoing.
Philip Falcone, the billionaire hedge-fund manager whose largest investment went bankrupt after being blocked by regulators, now faces a showdown in court with the Securities and Exchange Commission.
A day after being told that U.S. regulators may sue him, billionaire hedge-fund manager Philip Falcone telephoned Sheldon Lowe, a close friend of 23 years, and told him that he would fight back.
The Securities and Exchange Commission unveiled its long-anticipated settlement with Philip Falcone and his hedge fund, Harbinger Capital Partners. And it is a very strange creature.
Hedge-fund manager Philip Falcone, beset by declining assets, federal securities regulators and the bankruptcy of his largest investment, is borrowing money against personal real estate he bought during better days.
"It is turning into a blood feud."
- Philip Falcone on Feb 23, 2014