Lawsky bars hedge fund giant from insurance business
October 8, 2013 by Elizabeth Festa
Forbes calls Philip A. Falcone a former Harvard hockey player billionaire but the New York Superintendent of Financial Services is calling him banned from the business.
Superintendent Ben Lawsky ordered hedge fund impresario Falcone barred from exercising direct or indirect control over the management, policies, operations, and investment funds of Fidelity & Guaranty Life Insurance Co. of New York or any other New York-licensed insurer for a period of seven years due to an Aug. 16 Securities and Exchange Commission (SEC) consent action against Falcone and Harbinger Capital Partners LLC.
Lawsky stated that the SEC settlement detailed admitted facts and wrongdoing that demonstrate serious issues “related to Mr. Falcone’s fitness to control the management, operations, and policyholder funds of a New York insurance company.” Click here to read…
