GOVERNMENT SUES: Federal regulators are suing hedge fund manager Philip Falcone and his firm, accusing him of civil fraud for using fund money to pay his taxes and favoring some fund investors at the expense of others.

SEC SEEKING BAN: The Securities and Exchange Commission filed the lawsuit against Falcone and Harbinger Capital Partners, the firm he founded. The SEC seeks to ban Falcone from serving as an officer or director of any public company, as well as unspecified penalties and restitution.

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FALCONE FIGHTING CHARGES: An attorney representing Falcone says the SEC’s allegations are without merit and Falcone will challenge them in court.