us hedge fund billionaire sued for diverting money
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

US hedge fund billionaire sued for diverting money

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice US hedge fund billionaire sued for diverting money

Washington - AFP
US regulators sued hedge fund billionaire Philip Falcone for fraud Wednesday, accusing him of taking $113 million from a fund to pay his taxes. The Securities and Exchange Commission (SEC) said Falcone, who raked in billions betting against packaged mortgage securities ahead of the US real-estate crash, took clients\' money from funds run by his Harbinger Capital Partners to pay his personal taxes. It also said Falcone illegally manipulated bond prices, traded preferential treatment to investors who backed a controversial board initiative, and broke restricted period trading rules in three initial public offerings to make money on short sales. Also charged, for aiding in the tax misappropriation charge, was Harbinger\'s former chief operating officer, Peter Jenson. \"Today\'s charges read like the final exam in a graduate school course in how to operate a hedge fund unlawfully,\" Robert Khuzami, director of the SEC\'s Division of Enforcement, said in a statement. Falcone, 49, rose to prominence for his investments in credit-default swaps ahead of the US property crash in 2007, which allowed him to benefit heavily from the fall in value of sub-prime mortgage securities. According to news reports, the SEC filed the charges after being unable to reach a settlement with Falcone in negotiations aimed at avoiding litigation. Falcone told The Wall Street Journal he planned on \"vigorously contesting\" the charges. The charges came after Falcone\'s ambitious national high-speed wireless broadband venture LightSquared filed for bankruptcy last month, after the government refused access to the satellite signal spectrum needed for the business. The company had raised several billion of dollars in capital and loans, including from Harbinger\'s main investment fund.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us hedge fund billionaire sued for diverting money us hedge fund billionaire sued for diverting money

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us hedge fund billionaire sued for diverting money us hedge fund billionaire sued for diverting money

 



GMT 10:18 2016 Wednesday ,23 March

cartoon seven

GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 19:57 2018 Tuesday ,23 January

Farm-fresh from Kerala to the UAE, in just one day

GMT 13:39 2014 Sunday ,16 November

What was on prophet’s plate

GMT 10:26 2017 Saturday ,29 July

Endowment Ministry declare opening of Aqsa doors

GMT 11:03 2018 Tuesday ,23 January

No end to eyesores at Taj Mahal

GMT 08:42 2017 Wednesday ,27 December

Yemen's Houthis turn mosques to detention centers

GMT 16:13 2017 Tuesday ,26 September

Army fires ballistic missile on al-Hameli area

GMT 15:34 2017 Sunday ,25 June

UAE leaders send Eid Al Fitr greetings

GMT 03:26 2017 Sunday ,15 October

Sharjah Museums Authority, Institut Francais in UAE

GMT 01:51 2017 Wednesday ,04 October

All Blacks keep title after Boks, Wallabies draw

GMT 18:03 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 08:59 2011 Saturday ,08 October

All Blacks skipper McCaw : I am fit to play

GMT 16:01 2012 Monday ,13 February

Austerity feeding public discontent in Europe
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice