Philip Falcone
Philip Falcone

Celebrity Profile

Name: Philip Falcone
Occupation: Investments
Gender: Male
Country: United States

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Philip Falcone

Philip Falcone was born in United States. Philip Falcone is an Investments, . Find out Philip Falconenet worth 2020, salary 2020 detail bellow.

Net Worth

Net Worth 2020

Undisclosed

Salary 2020

Not known

Philip Falcone Net Worth Detail

Philip A. Falcone is an American businessman and the founder of Harbinger Capital and LightSquared. In March 2014, he was the 1565th richest person in the world with a net worth of $1 billion, but dropped off the list in 2015.

Biography Timeline

1984

Philip Falcone grew up in Chisholm, Minnesota with nine siblings in a three-bedroom house. He attended Harvard University on financial aid and graduated with a Bachelor of Arts in Economics in 1984.

1985

In 1985, he started his career at Kidder, Peabody & Co. He also worked at Wachovia. He was also Senior High Yield trader at First Union Capital Markets in Charlotte, North Carolina. From 1990 to 1995, he served as president and CEO of AAB Manufacturing Corporation". He was the head of High Yield trading at Gleacher Natwest from 1997 to 1998, and at Barclays Capital from 1998 to 2000.

1997

Falcone is married with two children, and lives in New York City. In 1997, Falcone married Lisa Velasquez . Lisa was born in 1961 and grew up in Spanish Harlem and has an associate's degree from Pace University. In 1985 she went to Milan Italy to model. In 2008, she started a film production company, Everest Entertainment, and she has produced Mother and Child, 127 Hours, and Win Win. She is active in philanthropic causes, including the American Museum of Natural History and sits on the board of the New York City Ballet. In 2009, the couple reportedly donated $10 million to New York City's High Line project. They have twin daughters, Liliana and Carolina (born February 2005).

1999

In 1999, Falcone built a house in Sag Harbor, New York, which he sold in 2005 for $1.57 million.

2000

In 2000, he founded Harbinger Capital with Raymond J. Harbert. In 2008, Falcone became a minority owner of the NHL's Minnesota Wild hockey team when he purchased a 40% stake of the hockey team. Through Harbinger Capital, Falcone and Harbert owned 20% of The New York Times in 2009. That same year, Falcone became its majority owner, though Harbert remained an investor.

2008

In 2008, Falcone bought a house on the Upper East Side, formerly owned by Jeremiah Milbank and later Bob Guccione, for $49 million. Also in 2008, Falcone bought a Saint Barthélemy villa for $39 million.

2012

Republican legislators like Chuck Grassley, Ralph Hall and Darrell Issa have expressed concerns that he would receive special treatment to develop LightSquared over the United States Military's Global Positioning System. He later denied the claim. On February 15, 2012, the Federal Communications Commission revoked the 2011 conditional approval for further development of the LightSquared network, stating it would interfere with GPS signals.

On June 27, 2012, the U.S. Securities and Exchange Commission filed securities fraud charges against Falcone and Harbinger Capital Partners, alleging that Falcone "used fund assets [of $113.2 million] to pay his taxes, conducted an illegal 'short squeeze' to manipulate bond prices, secretly favored certain customers at the expense of others, and that Harbinger unlawfully bought equity securities in a public offering, after having sold short the same security during a restricted period."

2013

In February 2013, Forbes listed Falcone as one of the 40 Highest-Earning hedge fund managers.

In May 2013, he accepted an SEC settlement in which he and Harbinger agreed to pay a total of $18 million. Under the deal, Falcone would have been banned from operating as an investment advisor for two years. However, in a rare move, the commissioners overruled the enforcement staff and threw out the deal, forcing the two sides back to the bargaining table. Reportedly, SEC chairwoman Mary Jo White felt the deal was too lenient. Finally, on August 19, the SEC and Falcone agreed to a deal in which he and Harbinger admitted breaking the law. It was the first SEC settlement in years in which the defendant was required to admit wrongdoing; usually, defendants who accept SEC settlements neither admit nor deny that they broke the securities laws.

2014

On November 25, 2014, it was announced that Falcone would step down as chief executive and chairman of Harbinger Group effective December 1 to focus on his other venture, HC2 Holdings.

On July 4, 2014, the SEC Office of the Whistleblower rejected a claim made by an individual requesting a reward for assisting in the investigation. The SEC rejected the claim, asserting in the "Claimant did not provide information that led to the successful enforcement".

2020

Falcone's former chef, Brian Villanueva, sued Falcone over a hostile work environment and racist remarks and they had settled out of court for $60,000. In 2020 Villaneuva filed a new lawsuit claiming to not have been paid, while Falcone claimed to not have the funds.

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Job:  Investments
Job: Investments
Living In United States
Living In United States