SEC slaps major Spectrum investor

In a settlement with the U.S. Securities and Exchange Commission, New York hedge fund manager Philip Falcone and his firm, Harbinger Capital Partners, were ordered to pay $18 million in penalties. As of June 30, Harbinger Group owned 59% of Spectrum Brands. Falcone was charged with improperly using $113 million in fund assets and other violations. Those charges were not related to Spectrum Brands.