Hedge-Fund Manager’s Defense: Blame the Advisers

Hedge-fund manager Philip Falcone is settling on one of the strategies he’ll use to defend himself against fraud allegations that could destroy his career: Blame his lawyers and lieutenants….

Mr. Falcone plans to try deflecting blame to a former Harbinger operating chief and two lawyers who advised him to borrow $113.2 million in 2009 from a Harbinger fund to pay his personal taxes even though other investors were blocked from withdrawing money, according to people familiar with his defense.

via Hedge-Fund Manager’s Defense: Blame the Advisers – WSJ.com