{"id":38325,"date":"2013-09-30T11:38:38","date_gmt":"2013-09-30T15:38:38","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=38325"},"modified":"2013-09-30T11:46:48","modified_gmt":"2013-09-30T15:46:48","slug":"falcone-sells-hedge-fund-shares-in-bid-to-liquidate-assets","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/09\/2013\/falcone-sells-hedge-fund-shares-in-bid-to-liquidate-assets.html","title":{"rendered":"Falcone Sells Hedge Fund Shares In Bid To Liquidate Assets"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/09\/images1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-38328\" alt=\"images\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2013\/09\/images1.jpg\" width=\"225\" height=\"225\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/09\/images1.jpg 225w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2013\/09\/images1-150x150.jpg 150w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a>New York (HedgeCo.Net) &#8211; Philip Falcone has sold 18.6 million shares of Harbinger Group to\u00a0&#8220;mini\u00a0Berkshire Hathaway&#8221;\u00a0Leucadia National Corp, Bloomberg reports.<\/p>\n<p>Falcone sold the shares worth $158m as part of a move to raise funds for his SEC settlement of more than $18 million.\u00a0The SEC filings also show that the Harbringer hedge funds also sold 5.1 million shares to undisclosed investors.<\/p>\n<p>The SEC filed enforcement actions in June 2012 alleging that Falcone improperly used $113 million in fund assets to pay his personal taxes, secretly favored certain customer redemption requests at the expense of other investors, and conducted an improper \u201cshort squeeze\u201d in bonds issued by a Canadian company.<\/p>\n<p>\u201cFalcone and Harbinger engaged in serious misconduct that harmed investors, and their admissions leave no doubt that they violated the federal securities laws,\u201d said Andrew Ceresney, Co-Director of the SEC\u2019s Division of Enforcement. \u201cFalcone must now pay a heavy price for his misconduct by surrendering millions of dollars and being barred from the hedge fund industry.\u201d<\/p>\n<p>Describing the illegal short squeeze, Gerald W. Hodgkins, Associate Director of the SEC\u2019s Division of Enforcement said, \u201cAfter he took control of an entire issue of high-yield bonds, Falcone kept buying with an eye toward rigging the market and punishing short sellers to settle a score. In the process, Falcone hijacked the market for the bonds and illegally manipulated their price and availability.\u201d<\/p>\n<p>Philip Falcone\u00a0is the 1175th richest person in the world, and the 377th richest in the United States\u00a0with a net worth of $1.2 billion. (Wikipedia)<\/p>\n<p>Alex Akesson<br \/>\nEditor for <a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.Net<\/a> is a premier <a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\">hedge fund database<\/a> and community for qualified and accredited investors only. Membership in <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">Hedge Funds<\/a>!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; Philip Falcone has sold 18.6 million shares of Harbinger Group to\u00a0&#8220;mini\u00a0Berkshire Hathaway&#8221;\u00a0Leucadia National Corp, Bloomberg reports. Falcone sold the shares worth $158m as part of a move to raise funds for his SEC settlement of more [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,16034,3],"tags":[],"class_list":["post-38325","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-regulation","category-hedge-fund-rulings","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/38325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=38325"}],"version-history":[{"count":7,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/38325\/revisions"}],"predecessor-version":[{"id":38338,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/38325\/revisions\/38338"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=38325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=38325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=38325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}