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Harbinger’s Former CEO Fined For Assisting Hedge Fund Scheme

New York (Hedgeco.Net) – The former chief operating officer at dbpix-falcone-tmagArticle (1) Capital Partners LLC has agreed to settle charges that he assisted a scheme by the firm and its owner Philip A. Falcone to misappropriate millions of dollars from a hedge fund they managed to pay Falcone’s personal taxes.

Peter A. Jenson, who was charged along with Falcone and Harbinger in a 2012 enforcement action by the SEC, has agreed to admit wrongdoing and pay a $200,000 penalty. He also agreed to be prohibited from working in the securities industry for at least two years, and agreed to be suspended for at least two years from practicing as an accountant on behalf of any publicly traded company or other entity regulated by the SEC.

Falcone and Harbinger consented to a settlement last year in which they agreed to pay more than $18 million and admit wrongdoing.

“Jenson assisted a fraudulent scheme that allowed Falcone to put his own interests ahead of investors by engaging in a related party loan on favorable terms,” said Julie M. Riewe, co-chief of the SEC Enforcement Division’s Asset Management Unit. “This settlement shows that we hold accountable not only those who perpetrate a scheme, but also those who enable them.”

In his settlement, Jenson admits that with knowledge of Falcone’s and Harbinger’s violations.

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