The ban would put at least a temporary end to Falcone's controversial career of managing investor money, which was notable for a dramatic rise and fall during and soon after the financial crisis. But it would not prevent him from serving as a director or officer of a public company.
The new settlement agreement, which involves Falcone and his hedge fund Harbinger Capital, comes after the Commission rejected an earlier proposal because it was too lenient, lacking any admission of wrongdoing or a full industry ban. The new agreement also appeared to be the first to require a defendant to admit wrongdoing since new SEC Chairman Mary Jo White announced a much tougher policy that would require such admissions more often.
