Philip Falcone, the American investor, has been banned from operating in the securities industry for for five years.
The Securities and Exchange Commission (SEC) came to a settlement with the Harbinger Capital and LightSquared founder, reported CNBC on its Twitter feed.
He is the 1,175th richest person in the world, with a net worth of $1.2 billion.
Falcone and Harbinger Capital Partners were charged with securities fraud by the SEC. It alleged they used $113.2 million in assets to pay his taxes, which is illegal. He was also charged with other, related offenses.
The Wall Street Journal on Monday reported that Harbinger will pay $18 million and has to admit wrongdoing.
In May, he was banned as an investment advisor for two years. in a deal with the SEC.
Story is developing; check back for updates.
