San Diego, CA -- (SBWIRE) -- 08/30/2017 -- The Whistleblower Institute announces that the whistleblower who prompted an investigation by filing a lawsuit under the state's False Claims Act, will now be receiving a payout of roughly $8.8 million as a result of a settlement tied to the hedge fund billionaire Phil Falcone.

Those who have a similar case or experienced a similar situation or any other wrongdoing within a corporation have certain options and should contact the Whistleblower Institute at mail@whistleblowerinstitute.com or call: 619-452–1218. There are no costs or obligations to you.

Allegedly, the whistleblower who prompted an investigation will now be receiving a payout of roughly $8.8 million as a result of a settlement tied to disgraced hedge fund billionaire Phil Falcone.

According to the New York attorney general, Eric T. Schneiderman, his office had reached a $40 million settlement with Harbert Management Corporation and several of its top executives over allegations that they had not paid state taxes between 2002 and 2009, during the years Mr. Falcone was managing Harbinger, which was owned by Harbert.

Reportedly, the government alleged that Mr. Falcone, his fund and the profits generated from it were based in New York; therefore some taxes on profits should have been paid to the state. Instead, all taxes were paid to Alabama, dodging New York's higher rates.

Allegedly, in 2013, Mr. Falcone reached a settlement with the Securities and Exchange Commission that bars him from working in the securities business until 2018. He and his hedge fund agreed to pay $18 million in restitution and penalties.

The whistleblower earned 22 percent of the settlement. Harbert was a sponsor of Falcone's Harbinger Capital Partners.

Philip A. Falcone is an American businessman and the founder of Harbinger Capital and LightSquared. As of March 2013, he is the 1175th richest person in the world, and the 377th richest in the United States with a net worth of $1.2 billion.

The Whistleblower Institute is an information portal for current or former employees and other people having insight information about wrongdoing and other illegal activities by individuals either individually or within corporations, through company culture and or within international affairs. Whistleblowers should keep in mind that under the Dodd-Frank Act any person who provides the Securities and Exchange Commission ("SEC") with original information that leads to a successful enforcement action with over $1 million recovered must be awarded between 10%-30% of the total amount recovered. In order to determine the total amount of the reward there are numerous factors that need to be considered. Whistleblower actions are complex and our goal is to guide any whistleblower every step of the way. The Whistleblower Institute is dedicated to partnering with any individual who have information about fraud and we work with many of the best law firms worldwide.

Those who have a similar case or experienced a similar situation or any other wrongdoing within a corporation have certain options and should contact the Whistleblower Institute.

Contact:
Whistleblower Institute
2534 State Street - Suite 406
San Diego, CA 92101, USA
Phone: +1 (619) 452–1218
Facsimile: +1 (619) 785 – 3185
Email: mail@whistleblowerinstitute.com