Philip Falcone, the hedge fund manager who was sued by U.S. regulators over claims he improperly borrowed client money to pay taxes, has agreed to be barred from acting as an investment adviser for two years.
Mr. Falcone’s hedge fund Harbinger Capital Partners also has agreed to pay about $18 million in disgorgement, interest and penalties to resolve the Securities and Exchange Commission claims that were filed in June, the company said Thursday in a public filing.
The proposed settlement is still subject to approval by SEC commissioners and a U.S. court.
