Philip Falcone and Harbinger Capital Partners Ask Court to Toss SEC Case
|December 6th, 2012||
|Citing a lack of evidence and a misinterpretation of legitimate practices, Philip Falcone filed for a dismal of the SEC’s charges against him and his hedge fund firm, Harbinger Capital Partners. As reported by Reuters, attorneys for Philip Falcone filed a motion to dismiss with the U.S. District Court in Manhattan stating there was no intent to deceive investors and that the hedge fund firm’s conduct was perfectly lawful. |
Among the charges filed by the SEC are bond manipulation and offering preferential treatment to certain investors during the liquidity crisis following the collapse of Lehman Brothers. Philip Falcone is also accused of taking an illegal loan of $113 million that was used to pay personal taxes; however, he claims that he received approval from outside counsel for the loan.
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