In its recent settlement with hedge fund advisor Philip Falcone and his firm Harbinger Capital Partners, the U.S. Securities & Exchange Commission enforced its tough new settlement policy, demanding several admissions that, according to Andrew Ceresney, Co-Director of the SEC’s Division of Enforcement, “leave no doubt that they violated federal securities laws.”  Falcone’s settlement, which requires approval from the U.S. District Court  for the Southern District of New York before it becomes final, imposes $7.5 million in disgorgement and interest and a $4 million penalty, as well as a $6.5 million penalty against Harbinger itself.  This settlement announcement is the first instance of the SEC enforcing its policy shift, announced in June, against allowing “neither admit nor deny” settlements and requiring admissions of misconduct from defendants.