Harbinger Capital Partners CEO Philip Falcone has reached an “agreement in principle” with federal Rrgulators that will see him banned from most work in the financial industry for a period of two years. The news appears to put an end to the fund manager’s problems with regulators, and finishes a difficult period for the company.

Falcone

According to a New York Times piece, Mr. Falcone revealed in a public disclosure that an agreement had been reached between him and the SEC in principle. That means that the deal is outlined, but subject to final approval by the SEC before it becomes binding.

SEC Accusations for Philip Falcone

Last year, the SEC accused Philip Falcone of manipulating the market, with his hedge fund Harbinger Capital Partners, using assets from the fund to pay his personal taxes, and favoring certain customers of his fund ahead of others. According to the statement, the SEC has also reached a settlement with Harbinger Capital Partners.

According to the stipulations of the agreement, Philip Falcone will not have to admit or deny guilt on the charges that the SEC have accused him of. That means, according to the NYT, that Falcone will face little punishment, apart from his ban from practicing at most jobs in the industry.

According to a statement from Harbinger Capital Partners, Falcone will be allowed to continue serving at the head of the company and he will also be allowed to own the firm. That means that though he is barred from most financial practice, his position in the industry is still mostly assured.

According to the SEC, the loophole that allows him to continue at the head of Harbinger was instituted in order to allow Falcone to wind down the funds that Falcone controls without forcing a quick sale that could see many of the assets held by the firm sold below value, and could hurt its investors.

The deal comes with an $18 million penalty from the SEC, though that will likely make little difference to Falcone’s personal wealth. Falcone’s future is far from certain, but he has often been an unpredictable force in the market. This ban may not see him keep entirely away from the world of finance, and with his position at the head of the Harbinger Group he is likely to keep in active in some role.