NEW YORK: One-time star money manager Philip Falcone will be barred from starting another hedge fund for two years as he winds down his existing fund and returns money to investors, under a preliminary deal with securities regulators to settle fraud and other charges that was made public on Thursday.
The agreement by Falcone and his hedge fund, Harbinger Capital Partners, to settle two lawsuits brought by the U.S. Securities and Exchange Commission was disclosed in a filing by Harbinger Group Inc, the publicly traded investment company of which Falcone is chairman and chief executive. The settlement would also include the payment of $18 million.
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