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Harbinger Capital's Falcone charged with fraud

Ben Rooney @CNNMoneyInvest June 27, 2012: 5:01 PM ET

NEW YORK (CNNMoney) -- U.S. securities regulators on Wednesday charged billionaire hedge fund manager Philip Falcone and his Harbinger Capital with fraud.
The Securities and Exchange Commission claims that Falcone used client assets to pay $113 million in personal taxes, manipulated bond prices and played favorites with certain clients.

read more http://money.cnn.com/2012/06/27/investing/falcone-harbinger/

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Fraud?

A wall street billionaire committed fraud?
Wonder who he ticked off at the top of the pyramid?