Falcone Banned From Managing NY Insurance Firms

Philip Falcone, CEO and chairman of Harbinger Capital Partners LLC, has been banned from running an insurance company in New York for seven years just as Harbinger Capital subsidiary Fidelity and Guaranty Life is planning a $100 million IPO, reports Leslie Scism for The Wall Street Journal. Falcone’s settlement with SEC Falcone settled two suits with the Securities and Exchange Commission in August, admitting that he had used a $113 million loan from Harbinger Capital fund to pay his taxes at a time when investors weren’t allowed to withdraw their own money. In addition to an $18 million fine, Falcone…