Falcone admits guilt in SEC settlement

|By:, SA News Editor

The settlement is mostly notable in that the former hedge fund chief admitted his wrongdoing. In typical SEC settlements, those accused neither admit nor deny the charges against them, but it's a new day. Among his offenses is improperly borrowing $113M from his hedge fund to pay a tax bill.

Falcone will pay an $18M fine and be barred from the securities industry for 5 years.

It's not the hedge fund, but Harbinger Group (HRG) gained 2.9% today.