The US Securities and Exchange Commission (SEC) has confirmed that it has filed a lawsuit in federal court this week, charging hedge fund billionaire Philip A Falcone – owner of the ill-fated open access Long Term Evolution (LTE) start-up LightSquared – with market manipulation, giving preferential treatment to several big clients, and borrowing cash from his Harbinger Capital venture to pay personal expenses. Robert Khuzami, director of the SEC’s Division of Enforcement, commented: ‘Today’s charges read like the final exam in a graduate school course in how to operate a hedge fund unlawfully.
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OVETEL SEC charges LightSquared head honcho with fraud
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