SEC Charges LightSquared's Founder

Amid everything else that's happening today, the SEC has filed charges against Philip Falcone and his hedge fund, Harbinger Capital Partners LP .

Falcone, of course, is the man behind LightSquared , the U.S. wireless venture that's still seeking permission to actually, you know, build a network.

The SEC press release doesn't seem to indicate that LightSquared is involved here. Rather, the agency is dinging Falcone and Harbinger for alleged technical violations, such as using fund assets to pay Falcone's personal taxes, or manipulating bond prices via an illegal short squeeze.

The Light Reading editorial team isn't looking into this one yet because we've been busy with the aforementioned "everything else." Here's a rundown of Wednesday's big news headlines:

— Craig Matsumoto, Managing Editor, Light Reading

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