SEC files fraud charges against hedge fund manager - 13 WTHR Indianapolis

SEC files fraud charges against hedge fund manager

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WASHINGTON -

Federal regulators are suing hedge fund manager Philip Falcone and his firm, accusing him of civil fraud for using fund money to pay his taxes and favoring some fund customers at the expense of others.

The Securities and Exchange Commission announced the lawsuit Wednesday against Falcone, who heads the fund Harbinger Capital Partners. The SEC also said that Falcone manipulated bond prices.

The lawsuit was expected. Falcone told The Wall Street Journal Tuesday that he plans to fight the charges.

(Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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