by Paula Schaap, Senior Reporter, November 15, 2010
Harbinger Capital Partners is reportedly under scrutiny by the authorities because of a loan founder Phil Falcone took from one of his funds.
The Securities and Exchange Commission and U.S. Attorney have opened investigations into whether a loan allegedly taken by Falcone to pay his personal income taxes might have put other investors at a disadvantage, according to a Bloomberg report.
The loan allegedly came out of Harbinger’s special situations fund which, at that time, was closed to redemptions because its funds were tied up in the Lehman Bros. bankruptcy.
Harbinger did not return calls seeking comment on the report.
Last week, media reports said that Goldman Sachs was pulling $120 million out of Harbinger because of the loan as well as less than stellar performance at the hedge fund’s flagship fund.
Blackstone Group was another investor who opted to redeem itself out of the hedge fund, reports said.
Go to Bloomberg article
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The Securities and Exchange Commission and U.S. Attorney have opened investigations into whether a loan allegedly taken by Falcone to pay his personal income taxes might have put other investors at a disadvantage, according to a Bloomberg report.
The loan allegedly came out of Harbinger’s special situations fund which, at that time, was closed to redemptions because its funds were tied up in the Lehman Bros. bankruptcy.
Harbinger did not return calls seeking comment on the report.
Last week, media reports said that Goldman Sachs was pulling $120 million out of Harbinger because of the loan as well as less than stellar performance at the hedge fund’s flagship fund.
Blackstone Group was another investor who opted to redeem itself out of the hedge fund, reports said.
Go to Bloomberg article
Related Stories
Goldman Said to Be Taking $120M Out of HarbingerD
Harbinger on the Offense About Wireless Plan
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