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Harbinger’s Falcone Wasted Assets in Bailout, Investor Says

“Falcone effectively used company assets to bail himself out of a personal financial crisis and maintain de facto control over HGI despite a shrinking equity stake in the company,” the fund said.

Traders Magazine Online News, March 27, 2014

Jef Feeley

Harbinger Group founder Philip Falcone wasted corporate assets in a bid to keep control of the investment firm after agreeing to a five-year ban on working in the securities industry, an investor contends in a lawsuit.

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