[2][7] He was also Senior High Yield trader at First Union Capital Markets in Charlotte, North Carolina.
[11] 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.
[5] The plan, however, consisted of gaining wireless spectrum reserved for satellite uses and employing it for terrestrial communication.
[16] Republican legislators like Chuck Grassley, Ralph Hall and Darrell Issa expressed concerns that Falcone would receive special treatment to develop LightSquared over the United States Military's Global Positioning System.
[18] 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.
"[20] The short squeeze was performed by Falcone in relation to a series of high-yield bonds issued by MAAX Holdings.
[23] 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.
Finally, on August 19, the SEC and Falcone agreed to a deal in which he and Harbinger admitted breaking the securities laws.
[24][25][26][27] 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".
[5] She is active in philanthropic causes, including the American Museum of Natural History and sits on the board of the New York City Ballet.
[34][35] In 2008, Falcone bought a house on the Upper East Side, formerly owned by Jeremiah Milbank and later Bob Guccione, for $49 million.