The SEC’s “notion” that Harbinger Capital Partners CEO Phil Falcone...
The SEC’s “notion” that Harbinger Capital Partners CEO Phil Falcone committed fraud in getting a loan from the hedge fund company “is unsupportable,” his lawyer said. “This has to be the first case involving an act of supposed dishonesty in…
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which a client simply followed the advice of his lawyer,” said the attorney, Matthew Dontzin. “The loan was obtained after receiving considered written legal advice from a leading national law firm on the basis of fully disclosed facts; that same firm proposed the idea of the loan, structured the transaction, documented it, advised on the timing and form of disclosure to investors, and explained it when investors made inquiries.” The SEC Wednesday (CD June 28 p20) filed fraud charges against Falcone and Harbinger, the biggest investor in LightSquared. The allegations are “completely unsupported by any evidence,” Dontzin said in a written statement Wednesday.