Wrongdoer

As part of a settlement with the U.S. Securities and Exchange Commission, hedge fund manager Philip Falcone was banned from trading for 5 years and fined $18 million.Most significantly, and unlike in most of these types of cases, the founder of Harbinger Capital Partners was forced to admit to wrongdoing as part of the deal.

Philip Falcone testifies on Capitol Hill in Washington. Kevin Wolf, File / AP

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