Update: Wrong blog. Oh well.
Ouch. Forbes Michael Ozanian reports that the Minnesota Wild's minority owner ran afoul of the Securities and Exchanges Commission, and as such, he got dinged with a fine larger than Ryan Suter's signing bonus:
Billionaire Philip Falcone will not have to go to the penalty box, but he and his hedge fund, Harbinger Capital Partners, will pay $18 million to settle SEC charges over Falcone’s use of firm money and other accusations, regulators said Monday.
SEC: “Falcone and Harbinger engaged in serious misconduct that harmed investors, and their admissions leave no doubt that they violated the federal securities laws,” said Andrew Ceresney, co-director of the SEC’s enforcement division. “Falcone must now pay a heavy price for his misconduct by surrendering millions of dollars and being barred from the hedge fund industry.”
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