REUTERS/Steve Marcus
CNBC's Kate Kelly reports:
"Harbinger is not closing down. As expected I have to meet customer redemptions but the fund is not going away. I am happy though to get this behind me. Unfortunately I had some poor legal advice along the way and instead of questioning it, I followed it. I look forward to getting on with my life and focus on continuing to build Harbinger Group Inc., the public company."
Last summer, the
Falcone and Harbinger admitted to wrongdoing, according to the SEC press release.