S.E.C. Rejects Its Own Deal With Hedge Fund Manager

S.E.C. Rejects Its Own Deal With Hedge Fund Manager

The Securities and Exchange Commission overruled its own enforcement division’s decision to settle a civil case with the high-flying money manager Philip A. Falcone and his flagship hedge fund, a rare reversal that signals a broader crackdown by the agency.

The S.E.C. recently notified Mr. Falcone and the fund, Harbinger Capital Partners, that the agency’s five commissioners had rejected “the previously disclosed agreement in principle,” according to a public filing his company made on Friday. The charges stemmed from allegations that Mr. Falcone manipulated the market, used hedge fund assets to pay his own taxes and secretly favored select customers at the expense of others.

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