Philip A Falcone is an American businessman and the founder of Harbinger Capital and LightSquared.
18 Facts About Philip Falcone
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Philip Falcone grew up in Chisholm, Minnesota with nine siblings in a three-bedroom house.
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Philip Falcone attended Harvard University on financial aid and graduated with a Bachelor of Arts in Economics in 1984.
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Philip Falcone went on to play Varsity hockey at Harvard.
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Philip Falcone was Senior High Yield trader at First Union Capital Markets in Charlotte, North Carolina.
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Philip Falcone was the head of High Yield trading at Gleacher Natwest from 1997 to 1998, and at Barclays Capital from 1998 to 2000.
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That same year, Philip Falcone became its majority owner, though Harbert remained an investor.
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Philip Falcone is a founding council member of the Kissinger Institute on China and the United States.
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Philip Falcone has made further donations to the American Museum of Natural History.
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Republican legislators like Chuck Grassley, Ralph Hall and Darrell Issa expressed concerns that Philip Falcone would receive special treatment to develop LightSquared over the United States Military's Global Positioning System.
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Philip Falcone lent the bonds to the short-sellers, and then bought them back when the traders sold them.
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Philip Falcone then stopped lending the bonds, so that short-sellers could not liquidate their positions anymore.
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Under the deal, Philip Falcone would have been banned from operating as an investment advisor for two years.
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Philip Falcone admitted to manipulating the bond price of MAAX Holdings, a Canadian bathroom products manufacturer, by buying up all of the outstanding bonds and demanding that Goldman Sachs settle all outstanding MAAX transactions and deliver the bonds it owed.
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Philip Falcone was well aware Goldman couldn't deliver the bonds because all of them were tied up by Harbinger.
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Philip Falcone is married with two children, and lives in New York City.
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Philip Falcone is active in philanthropic causes, including the American Museum of Natural History and sits on the board of the New York City Ballet.
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In 2020, Villaneuva filed a new lawsuit claiming to not have been paid the settlement, while Philip Falcone claimed to not have the funds.