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"Clients and market participants alike were victimized as Falcone unscrupulously used fund assets to pay his personal taxes, manipulated the market for certain bonds, favored some clients at the expense of others, and violated trading rules" that prohibit manipulation, SEC Enforcement Director Robert Khuzami said in a statement. In a separate action, the SEC said it reached a settlement with Harbert Management Corp., a firm that had ties to Harbinger. The SEC said Harbert had the power to control Falcone and Harbinger but failed to stop the bond manipulation scheme. Harbert and two related firms agreed to pay a $1 million civil fine. They neither admitted nor denied wrongdoing.
[Associated
Press;
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