Philip Falcone makes deal with US watchdog

PHILIP Falcone fell further from hedge fund stardom yesterday when a firm he controls said the billionaire investor had reached a preliminary settlement with US regulators stemming from a probe into market manipulation. Falcone and his fund, Harbinger Capital Partners, have agreed to pay $18m ( £11.7m) to settle two lawsuits brought by the SEC, according to a filing by Harbinger Group, a public investment company where Falcone is chairman and chief executive.