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June 26, 2012 01:00 AM

SEC to authorize lawsuit against Harbinger Capital's founder

Bloomberg
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    Philip Falcone, the billionaire founder of Harbinger Capital Partners, faces a lawsuit from U.S. regulators as soon as this week over claims he improperly borrowed client funds to pay his taxes and gave preferential treatment to Goldman Sachs Group, according to two people familiar with the matter.

    Mr. Falcone could also face a market manipulation claim related to trading in bonds of MAAX Holdings, said the people, who asked not to be identified because the matter isn’t public. The SEC voted to authorize enforcement staff to file the case, the people said.

    Mr. Falcone plans to contest the suit, said another person briefed on the matter.

    Mr. Falcone wasn’t immediately reachable to comment, according to a spokesman. Florence Harmon, a spokeswoman for the SEC, declined to comment.

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    December 12, 2022 page one

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