SEC settlement will cost Harbinger and founder $18M

Harbinger Capital Partners and founder Philip Falcone have agreed to pay more than $18 million to settle charges by the Securities and Exchange Commission that they misappropriated client funds, manipulated markets and gave preferential treatment to some clients. Falcone is prohibited from working in the securities industry for five years. Harbinger and Falcone admitted wrongdoing as part of the settlement.

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