Hedge fund titan Phil Falcone and his firm, Harbinger Capital Partners, will pay $18 million to settle Securities and Exchange Commission charges over Falcone’s use of firm money and other accusations, regulators said Monday.
Falcone and his firm must also admit wrongdoing, a departure from many recent SEC settlements that have allowed financial firms and employees to neither admit nor deny guilt. Falcone is also barred from the securities industry for at least five years.
This was not Falcone’s first attempt to settle the SEC charges. At a closed meeting last month, SEC commissioners rejected another settlement proposal. It was also worth $18 million, but it did not require admission of guilt and would have banned Falcone from the industry for only two years. Full story for BostonGlobe.com subscribers.