Harbinger's Falcone Rejects Career-Ending Settlement with SEC

Harbinger's (NYSE: HRG) Philip Falcone is said to "still be standing."

According to reports Friday, Falcone rejected entering into a settlement with the U.S. Securities and Exchange Commission which would earned him a multi-year ban from the securities industry, effectively ending his career.

Harbinger disclosed receiving a Wells Notice from the U.S. SEC earlier in December. For the billionaire hedge fund manager, the Notice proves how far the SEC is willing to go to clamp down on alleged misconduct.

The filing disclosed an unspecified "third issue" in Harbinger's settlement with the securities regulators stemming from a March investigation. The WSJ mulls that the issue might have been whether Harbinger and Falcone were playing favorites in letting certain investors cash-out holdings, while barring others from doing so.

Harbinger's public stock is trading flat early Friday.

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