The SEC Just Rejected A Settlement That Would've Barred Phil Falcone From Wall Street For 2 Years

Phil FalconePhil Falcone

Was it too harsh or not harsh enough?

The Wall Street Journal reports that the SEC voted to reject a settlement against Phil Falcone and his hedge fund Harbinger Capital. If accepted, Flacone would been barred from the securities industry for two years, and paid an $18 million fine.

Falcone would not have been forced to admit or deny that he was guilty of charges that he used a $113.2 million of Harbinger money asĀ  a loan to pay personal taxes in in 2009.

It is unclear if the SEC means to make the sentence more severe, as the agency’s filing only says that they voted to reject the settlement “on principle.”

For the full report head to WSJ>

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.