News

Securities And Exchange Commission Still Hung Up About The Time Phil Falcone Borrowed Money From A Gated Fund To Pay Personal Taxes

Remember the time Harbinger Capital Partners founder Phil Falcone was a little short on cash, and decided to “borrow” $113 million from a fund in which redemptions had been suspended in order to pay personal taxes, which he later begrudgingly apologized for? Unfortunately for Big P, the SEC does. (The regulator also recalls he time he allegedly played favorites with Goldman and allegedly manipulated some markets.)

Philip Falcone, the billionaire founder of Harbinger Capital Partners LLC, faces a lawsuit from U.S. regulators as soon as this week over claims he improperly borrowed client funds to pay his taxes and gave preferential treatment to Goldman Sachs Group Inc., according to two people familiar with the matter. Falcone, 49, may also face a market manipulation claim related to trading in bonds of MAAX Holdings Inc., said the people, who asked not to be identified because the matter isn’t public. The Securities and Exchange Commission voted to authorize enforcement staff to file the case, the people said.

While perhaps not the best news Falcone has received in a while, it likely does not come as a surprise, as the SEC has been talking about the aforementioned offenses since last December (when they tried to get him banned from the securities industry). Either way, Phil, who is likely in for a mouthful tonight, is planning to “contest to the suit.”

SEC Said To Authorize Lawsuit Against Harbinger’s Falcone [Bloomberg]

137 comments
(hidden for your protection)
Show all comments

137 Responses to “Securities And Exchange Commission Still Hung Up About The Time Phil Falcone Borrowed Money From A Gated Fund To Pay Personal Taxes”

  1. Gym says:

    Is there a place I can go long PF's chances of ending up in jail very soon.

    -Guy who can't remember a week that nothing unethical came out about this guy.

  2. gab says:

    Looks like Lisa is reaching back and giving him a Melvin.

  3. Texashedge says:

    Why does that picture look familiar?

    /Munich insurance salesman

  4. inlovewithpmco says:

    Is that cape available at Bonobos?

  5. Crazed CEO says:

    A fucking CEO can borrow all the money that dumbasses are willing to lend him!! Ever see the movie "Casino" where DeNiro plays the guy running the Tangier? In one scene he's in his office and he isn't wearing any pants! That's because he's the fucking boss and the fucking boss can choose to borrow money or not wear pants if he fucking wants to! You fuckers have to wear pants at work! You fuckers have to get approved to borrow money. Some CEOs don't have to! All you little people can go straight to Hell wearing pants and getting denied loans! Little people!!

  6. SEC Enforcement says:

    To be honest, we might not get around to prosecuting him. We're pretty busy.

    -Bonobos/Youporn user

  7. george87 says:

    Honey, I love you, I think you're a terrific girl, but you have clothes like a fuckin dickhead.

  8. Dirk Diggler says:

    Who says Reed Rothchild is a fictional character?

  9. Richard Head says:

    There goes the poor boy from Minnesota makes it big in New York story I've been working on .

  10. RedRidingHo says:

    Grandma, what a low NECKLINE you have!

  11. George Costanza says:

    Was that wrong? Should I not have done that?

  12. HungryIntern says:

    I think we should give Phil a golf clap, for continuing the long and honorable tradition of having a Harvard alum being indicted for a while color crime or getting banned by the SEC.

  13. Guest says:

    1- Raj Raj
    2- Raj Gupta
    3- Phil Falcone
    4- TBD

    -The Gasparino Prophesy lives….

  14. guest says:

    worst bruce wayne/catwoman couples costume ever

    – wilbur "spiderpig" the pig

  15. crork says:

    DBY1fs I cannot thank you enough for the blog post.Much thanks again. Really Cool.

  16. web sitesi says:

    Fantastic article.Really looking forward to read more. Keep writing.

  17. Thanks-a-mundo for the post.Thanks Again. Want more.

  18. golf sets says:

    I really liked your post.Thanks Again. Want more.

  19. Im thankful for the post. Want more.

  20. A big thank you for your blog.Really looking forward to read more. Really Cool.

  21. Im obliged for the blog post.Thanks Again. Awesome.

  22. diamants says:

    I really enjoy the blog post.Thanks Again. Will read on…

  23. Major thanks for the post.Really thank you! Awesome.

  24. pikalaina says:

    Really appreciate you sharing this blog post.Really looking forward to read more. Really Great.

  25. Thanks again for the blog.Thanks Again. Much obliged.

  26. Great, thanks for sharing this blog.Much thanks again. Keep writing.

  27. Im grateful for the post. Really Cool.

  28. A big thank you for your article.Much thanks again. Want more.

  29. within how many day after requesting for e-mail ID we receive confirmation approx?
    And how to use this facebook mail id (link)?

  30. cash advance says:

    A big thank you for your blog post.Much thanks again. Want more.

  31. Enjoyed every bit of your blog post. Will read on…

  32. Enjoyed every bit of your article. Keep writing.

  33. Stacey says:

    Whats up! I just want to give an enormous thumbs up for the nice information you’ve gotten here on this post. I will probably be coming back to your weblog for extra soon.

  34. tQFrXI Hey, thanks for the blog article.Thanks Again. Awesome.

  35. I loved your blog post.Much thanks again. Awesome.

  36. I am so grateful for your blog.Really looking forward to read more. Want more.

  37. warroom says:

    Very good blog post.Really looking forward to read more. Keep writing.

  38. I really enjoy the post.Really thank you! Cool.

  39. ppc says:

    Really enjoyed this blog article.Really looking forward to read more.

  40. A round of applause for your blog post. Awesome.

  41. I am so grateful for your blog post.Thanks Again.

  42. Q8DP5R I think this is a real great article post.Thanks Again. Want more.

  43. lida uretim says:

    Edidn`t think about that. I’ll tell my mother, she won`t believe it..!

  44. I really liked your blog.Really thank you!

  45. Thanks for sharing, this is a fantastic post.Thanks Again. Will read on…

  46. Thanks-a-mundo for the article post.Really thank you! Cool.

  47. A round of applause for your post.Much thanks again. Keep writing.

  48. This is one awesome blog post.Really looking forward to read more. Will read on…

  49. I loved your article post.Much thanks again. Want more.

  50. Fantastic blog post.Much thanks again. Want more.

  51. I really enjoy the article.Really looking forward to read more. Cool.

  52. Thanks a lot for the post.Much thanks again. Awesome.

  53. Thank you for your article. Cool.

  54. Im grateful for the blog.Really looking forward to read more. Will read on…

  55. Thanks for sharing, this is a fantastic blog post.Thanks Again. Will read on…

  56. Muchos Gracias for your article post.Much thanks again. Keep writing.

  57. Really informative post.Much thanks again. Really Cool.

  58. Really appreciate you sharing this post.Thanks Again. Cool.

  59. I cannot thank you enough for the blog post.Really thank you! Really Great.

  60. click here says:

    Really informative article.Really looking forward to read more. Much obliged.

  61. Great article post.Thanks Again. Really Great.

  62. A round of applause for your post. Will read on…

  63. Major thankies for the post.Much thanks again. Fantastic.

  64. I really like and appreciate your article. Really Cool.

  65. 500 fastcash says:

    Thanks-a-mundo for the blog post.Much thanks again.

  66. 500 fastcash says:

    I really like and appreciate your blog article.

  67. cartridges says:

    Great, thanks for sharing this blog.Thanks Again.

  68. Really enjoyed this article post.Really looking forward to read more. Keep writing.

  69. News says:

    Awesome blog article.Really looking forward to read more. Great.

  70. stationers says:

    Very good article post.Really thank you! Much obliged.

  71. A big thank you for your blog.Really thank you! Great.

  72. Major thanks for the blog post. Great.

  73. Great, thanks for sharing this article.Really looking forward to read more. Much obliged.

  74. Wow, great blog post.Really thank you!

  75. I loved your blog article.Really thank you! Much obliged.

  76. OMG Machines says:

    Great blog article. Will read on…

  77. Looking forward to reading more. Great article post. Keep writing.

  78. A round of applause for your article.Really looking forward to read more. Will read on…

  79. creatine says:

    Wow, great blog article.Really thank you! Really Great.

  80. I really liked your article. Great.

  81. Really informative article. Really Great.

  82. A big thank you for your blog article.Thanks Again. Cool.

  83. Say, you got a nice blog post.

  84. A round of applause for your article post.Much thanks again. Keep writing.

  85. I really enjoy the article.Really thank you! Will read on…

  86. Very good blog.Thanks Again. Cool.

  87. Yeah !… life is like riding a bicycle. You will not fall unless you stop pedaling!!…

  88. Major thankies for the blog article.Really looking forward to read more. Keep writing.

  89. Thanks for sharing, this is a fantastic blog. Much obliged.

  90. VPS Server says:

    Really appreciate you sharing this blog post.Really looking forward to read more. Really Great.

  91. Thanks so much for the article.Thanks Again. Much obliged.

  92. I am so grateful for your article post.Thanks Again. Much obliged.

  93. I am so grateful for your blog.Much thanks again. Much obliged.

  94. Thanks-a-mundo for the blog article.Much thanks again. Great.

  95. hacking says:

    Say, you got a nice article.Really looking forward to read more. Will read on…

  96. I think this is a real great article post.Much thanks again. Keep writing.

  97. buy fans says:

    Great blog.Really looking forward to read more. Cool.

  98. A big thank you for your article.Really thank you! Want more.

  99. chrome rims says:

    Really informative article.Really thank you! Cool.

  100. chrome rims says:

    Fantastic article.Really looking forward to read more. Fantastic.

  101. sex cams says:

    I value the article.Thanks Again. Fantastic.

  102. Thanks again for the article post.Really thank you! Awesome.

  103. Enjoyed every bit of your article post.Much thanks again. Really Cool.

  104. I really like and appreciate your blog.Really thank you! Really Great.

  105. Awesome article.Much thanks again. Cool.

  106. TrapStep says:

    Thanks a lot for the article.Much thanks again. Really Great.

  107. Say, you got a nice article.Thanks Again.

  108. I really like and appreciate your post.Much thanks again. Cool.

  109. I really liked your article post.Thanks Again. Really Cool.

  110. Fastest says:

    Thanks a lot for the article.Really looking forward to read more. Will read on…

  111. Looking forward to reading more. Great blog post. Much obliged.

  112. Great, thanks for sharing this blog. Much obliged.

  113. Awesome article post. Awesome.

  114. jobs hiring says:

    Thank you very much! I took it for myself too. Will be useful!!…

  115. Im thankful for the blog post.Really looking forward to read more. Cool.

  116. Appreciate you sharing, great blog article.Much thanks again.

  117. Im obliged for the article.Really thank you!

  118. I truly appreciate this blog.Thanks Again. Really Cool.

  119. wow, awesome blog.Much thanks again. Much obliged.

  120. Very neat article post.Really looking forward to read more. Cool.

  121. Appreciate you sharing, great article.Much thanks again. Much obliged.

  122. Very neat blog article.Thanks Again. Fantastic.

  123. Major thanks for the blog article.Much thanks again. Will read on…

  124. I loved your blog post.Much thanks again. Keep writing.

  125. Im grateful for the blog.Thanks Again. Great.

Our Sites

  • Above the Law
  • How Appealing
  • ATL Redline
  • Breaking Defense
  • Breaking Energy
  • Breaking Gov
  • Dealbreaker
  • Fashonista
  •