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In Harbinger Of Much More Pain To Come, SEC Sues Phil Falcone

Tyler Durden's picture




 

Things appear to be going from worse to worserer as the failure of Light-Squared appears to have been a 'harbinger' of pain to come for the man who was 188th richest in the US. As Bloomberg notes:

  • *SEC SAID TO AUTHORIZE LAWSUIT AGAINST HARBINGER'S PHIL FALCONE
  • *SEC SAID TO PLAN TO SUE FALCONE OVER TAX LOAN, GOLDMAN DEAL
  • *SEC MAY FILE LAWSUIT AGAINST FALCONE AS EARLY AS THIS WEEK
  • *FALCONE LAWSUIT MAY INCLUDE CLAIM OF MARKET MANIPULATION

Back in August 2010 we asked: "Is Phil Falcone's Mega Bet On SkyTerra Going To Be His Last?", turns out it was. Soon the only betting Phil may be doing is whether or not the soap slips in the common shower bathroom, or how many divorce attorneys might be waiting on patrol outside his multi-million dollar mansions; but we only have one thing to add now: "Got Pre-Nup?"

 

From Bloomberg:

...Philip Falcone, the billionaire founder of Harbinger Capital Partners LLC, 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 Inc., according to two people familiar with the matter.

 

Falcone, 49, may also face a market manipulation claim related to trading in bonds of MAAX Holdings Inc., said the people, who asked not to be identified because the matter isn’t public. The Securities and Exchange Commission voted to authorize enforcement staff to file the case, the people said....

 

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Tue, 06/26/2012 - 14:50 | 2562407 brewing
brewing's picture

couldn't of happened to a nicer guy...

Tue, 06/26/2012 - 14:53 | 2562415 slaughterer
slaughterer's picture

I have been having sex with Lisa Falcone for the last 6 weeks.  She is done with Phil at this point.  

Tue, 06/26/2012 - 14:57 | 2562433 financial apoca...
financial apocalyptic contagion's picture

she's cheating on me! WTF

I swear she claimed i'm the one

Tue, 06/26/2012 - 15:36 | 2562596 Ahmeexnal
Ahmeexnal's picture

Yet Solyndra and MFGlobal have been carefully and quietly swept under the rug.
Falcone's sin: not donating to Odumber's campaign.

Tue, 06/26/2012 - 15:49 | 2562644 knukles
knukles's picture

"I told him he'd better contribute or he'd be cast as the villain in Fast and Furious."
          -supposedly Eric Holder

Tue, 06/26/2012 - 15:05 | 2562474 midgetrannyporn
midgetrannyporn's picture

She looks like she has nerve damage on her face from bad plastic surgery to me.

Tue, 06/26/2012 - 15:05 | 2562475 eatthebanksters
eatthebanksters's picture

She's cheating on bothe of you...Corzine told me he's doing her.

Tue, 06/26/2012 - 15:07 | 2562481 slaughterer
slaughterer's picture

She is not even going to visit Phil in prison.  At least that is what she told me.  

Tue, 06/26/2012 - 15:10 | 2562501 brewing
brewing's picture

you know what's better than conjugal visit sex?  fugitive sex...

Tue, 06/26/2012 - 15:51 | 2562649 knukles
knukles's picture

Fugitive anal sex, maybe?
Conjugal fugitive anal sex.
Anal sex?

Tue, 06/26/2012 - 16:11 | 2562723 azzhatter
azzhatter's picture

it's not exclusive, I banged her last night

Tue, 06/26/2012 - 14:55 | 2562427 Joe Davola
Joe Davola's picture

A shot across the bow of other campaign donors.

Tue, 06/26/2012 - 14:59 | 2562445 buzzsaw99
buzzsaw99's picture

He is guilty. Guilty of not being jon corzine.

Tue, 06/26/2012 - 15:51 | 2562650 WestVillageIdiot
WestVillageIdiot's picture

It is so sad to see a kid from the Iron Range gone bad.  Why couldn't he be more like Kevin McHale and Zimmerman?  They were kids from nearby Hibbing that went right. 

From humble beginnings to royal douche bag in New York City seems like an easy story to believe.  He should have stayed in Minnesota. 

Tue, 06/26/2012 - 14:59 | 2562450 firstdivision
firstdivision's picture

Is Goldman going to be sued for their part, or did they have the blessing of the SEC to knowingly violate laws?

Tue, 06/26/2012 - 15:01 | 2562456 midgetrannyporn
midgetrannyporn's picture

$20M fine, and quickie bj from mary s.

Tue, 06/26/2012 - 15:13 | 2562512 ebworthen
ebworthen's picture

"You really...mmpph!....shouldn't.....shlurpokk!....have done....mmmph...lick...slurp!...that..."

* spank! *

"...mmmmph..."

Tue, 06/26/2012 - 15:02 | 2562453 midgetrannyporn
midgetrannyporn's picture

Didn't Jon Corzine improperly borrow client funds to pay JPM?

He is being sued not prosecuted. This is because it is literally impossible to commit a financial crime in this regulatory environment.

Tue, 06/26/2012 - 15:07 | 2562482 eatthebanksters
eatthebanksters's picture

Isn't there an 800 number to call if you feel your civil rights have been denied even if you are breaking the law?

Tue, 06/26/2012 - 15:53 | 2562655 WestVillageIdiot
WestVillageIdiot's picture

"Press 97262711843726262434344 for English."

Tue, 06/26/2012 - 15:52 | 2562654 knukles
knukles's picture

Borrow.
Yes, he borrowed.
He did not steal.
Borrow.
He was gonna give it back all the time.

na na na nah na na nah

Tue, 06/26/2012 - 15:54 | 2562657 WestVillageIdiot
WestVillageIdiot's picture

Bonnie and Clyde used to "borrow" from banks, in the same way.  They just forgot that the best way to rob a bank is to own it.

Tue, 06/26/2012 - 15:02 | 2562460 I am a Man I am...
I am a Man I am Forty's picture

you can not have a financial disaster without Goldman or JPM being involved in some way, just doesn't happen

Tue, 06/26/2012 - 15:07 | 2562479 Arkilokoos
Arkilokoos's picture

Corzine should walk the plank first.

Tue, 06/26/2012 - 15:07 | 2562483 Ted Baker
Ted Baker's picture

SURPRISE THE SEC DOES NOT SUE US FED AND ITS DEALERS ON MARKET MANIPULATION

Tue, 06/26/2012 - 15:08 | 2562489 ebworthen
ebworthen's picture

SEC going after the dumber, smaller fish so there is a headline and a guppy in a tank rather than a vampire squid or great white shark.

The minnows of society will feel protected, even as they are herded towards the nets.

Tue, 06/26/2012 - 15:12 | 2562516 Syntaxkat
Syntaxkat's picture

Guess he doesn't have the right friends.  misallocation of resources.

Tue, 06/26/2012 - 16:03 | 2562685 catacl1sm
catacl1sm's picture

Why is he even still in the country? Ecaudor, bitchez!

Tue, 06/26/2012 - 18:48 | 2563173 XOFnews
XOFnews's picture

Breaking news...SEC is not looking at anything but porn

Tue, 06/26/2012 - 21:43 | 2563608 rufusbird
rufusbird's picture

He didn't pay his tithes...

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