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Hedge fund star Falcone to settle SEC case

Philip Falcone testifies on November 13, 2008 at the US Capitol in Washington, DC. Falcone is poised to settle charges that he tapped fund assets to pay his taxes, by accepting an $18 million fine and a two-year ban from investment advisory, according to Star hedge fund manager Philip Falcone is poised to settle charges that he tapped fund assets to pay his taxes, by accepting an $18 million fine and a two-year ban from investment advisory, according to a filing Thursday.