Philip Falcone Quits as Harbinger Group CEO

Phil Falcone is stepping down as chairman and CEO of Harvin Orchard to focus on his hedge fund, Harbinger Capital. Previously, Falcone settled with the SEC for borrowing money from his fund for personal taxes and giving preferential treatment to some investors, resulting in a five-year industry ban. He remains involved with Harbinger Group, which has diverse business interests. Joseph Steinberg, an independent board member and chairman of Leucadia National, has been named chairman of Harbinger Group, which is now searching for a new CEO.

Why did Phil Falcone decide to step down as chairman and CEO of Harvin Orchard group?

• To start a new business venture

• To retire from the financial industry

• To focus on his hedge fund, Harbinger Capital

• To pursue a political career

What was one of the reasons for Phil Falcone's settlement with the SEC?

• Fraudulent accounting practices

• Insider trading

• Market manipulation

• Improperly borrowing money from his fund

What was Phil Falcone allowed to continue doing despite his industry ban?

• Serving as a financial advisor

• Managing a new hedge fund

• Trading on Wall Street

• Running Harbinger Group

What types of companies does Harbinger Group own stakes in?

• Life insurance and pet supplies

• Retail and hospitality

• Technology and automotive

• Real estate and pharmaceuticals

Who was named the new chairman of Harbinger Group?

• John Doe

• Phil Falcone

• Michael Smith

• Joseph Steinberg