Phil Falcone Sued for $113.2 Million
It seems that since the crash of 2008, the financial heavyweights of the industry have taken a beating in one shape or another. Currently in the crosshairs is Phil Falcone of Harbinger Capital.
Falcone is facing charges by the Securities and Exchange Commission of misappropriating client funds to the amount of $113.2 million to pay his personal taxes. He is also charged with giving preferential treatment to certain clients, allowing them benefits denied to others.
Falcone is also facing problems regarding some of his investments, one of them being Light Squared, which ended up declaring bankruptcy. These charges, however, are probably just the beginning, as clients are likely to soon start filing their own lawsuits.
Even with all the problems Falcone is facing, he recently began soliciting investors for a new fund he is trying to launch in the emerging markets sector.
About the Author:
Lulaine Compere is a writer and research analyst for RD Legal Funding, LLC, one of the nation’s leading providers of post-settlement lawsuit financing. For more information about their litigation funding solutions, call them at 1-800-565-5177, or visit their corporate website.