The Securities and Exchange Commission has charged billionaire hedge fund manager Phil Falcone with fraud.
And we thought last month's bankruptcy of his massive telecom start-up, LightSquared, was bad.
The SEC alleges that Falcone is guilty of a laundry list of violations from manipulating bond prices to misappropriating money from his funds to pay back taxes.
Setbacks aside, Falcone has had a magnificent ride to the top. He's still worth billions, has a stunning wife and two daughters, and lives in a fabulous mansion.
Phil Falcone came, though, from nothing. Read on and you'll find out how he got to where he is now.
Falcone was raised in Chisholm, Minnesota, and took his first plane ride ever when he went to Harvard.
At Harvard he studied economics, but after school he played professional hockey. He was injured after a year.
When he was young, friends called him 'Phasion Phil', because he had a taste for expensive clothes.The Harvard Store and the Andover Store were two favorites.
That's when Phil went to Wall Street. He became a junk-bond trader at Kidder Peabody in 1985.
He told Vanity Fair that that era on Wall Street was “Less political, more honest, less BS”. His starting salary was $20,000.
See the rest of the story at Business Insider
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