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19Aug/130

Fund manager Falcone agrees to five-year financial industry ban

NEW YORK - Billionaire fund manager Philip Falcone agreed to a five-year ban from the financial industry and will admit wrongdoing to settle charges by the U.S. Securities and Exchange Commission that he improperly used money from his hedge fund and unfairly favored some of his investors, the SEC announced on Monday.

reuters.com

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