Hedge fund chief banned JPMorgan in firing line

Billionaire hedge fund manager Phil Falcone, the founder of Harbinger Capital Partners, has admitted to "multiple acts of misconduct" that harmed investors and has agreed to pay more than $19 million as part of a deal to settle US Securities and Exchange Commission charges. Falcone, pictured, has also agreed to be barred from the hedge fund industry for five years.

Billionaire hedge fund manager Phil Falcone, the founder of Harbinger Capital Partners, has admitted to "multiple acts of misconduct" that harmed investors and has agreed to pay more than $19 million as part of a deal to settle US Securities and Exchange Commission charges. Falcone, pictured, has also agreed to be barred from the hedge fund industry for five years.

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