Harbinger Capital Partners/ Philip Falcone Law Office of Dickenson, Murphy, Rex & Sloan Attorneys Boca Raton Florida

Harbinger Capital Partners/ Philip Falcone

Posted by: Robert Rex
January 05, 2012
Topic: Harbinger Capital Partners

Philip Falcone and the hedge fund he manages Harbinger Capital received Wells Notices from the Securities and Exchange Commission in December 2011. A Wells Notice from the SEC is notice to the recipeints that the government is considering filing civil fraud charges for manipulative trading during the period from 2006 to 2008.

A Wells Notice is a recomendation from the enforcement division and while the SEC can decline to follow it, in practice the SEC generally does follow the action suggested by enforcement.

Falcone borrowed over $100 million from Harbinger in October 2009, and although it has been repaid, news sources indicate that the SEC may be investigating whether investors were apprised in a timely manner about the loan.

This fund, which once oversaw $26 billion in assets has experienced large losses and client withdrawals and now manages about $5 billion. Of that amount nearly half is invested in LightSquared, a controversial company thatis making plans to build a wireless network using new technology that opponents claim interferes with current global positioning systems.

If are an investor in Harbinger Capital and have questions, please contact Bob Rex, Esq. at 561 391 1900 or email rhr@dmrslaw.com . Visit our main website www.dmrslaw.com for more information on recovering investment losses.