This isn't related to his work with Lightsquared, but their financial backer, Phil Falcone and Harbinger Capital are being sued by the FCC:
>Federal regulators are suing hedge fund manager Philip Falcone and his firm, accusing him of civil fraud for using fund money to pay his taxes and favoring some fund customers at the expense of others.
>The Securities and Exchange Commission announced the lawsuit Wednesday against Falcone, who heads the fund Harbinger Capital Partners. The SEC also said that Falcone manipulated bond prices.
>The lawsuit was expected. Falcone told The Wall Street Journal Tuesday that he plans to fight the charges.
http://www.cnbc.com/id/47982331
"The Securities and Exchange Commission announced the lawsuit Wednesday against Falcone, who heads the fund Harbinger Capital Partners. The SEC also said that Falcone manipulated bond prices."
The Scam Wall Street Learned From the Mafia
How America's biggest banks took part in a nationwide bid-rigging conspiracy - until they were caught on tape
By Matt Taibbi
June 21, 2012 11:20 AM ET
"The settlement raises fresh questions about the reliability of the London interbank offered rate, or Libor, which underpins some $360 trillion of loans and financial contracts.
The attempted manipulation, which according to authorities took place from 2005 through 2009, meant that millions of borrowers paid too little or too much interest on their debt."
[...]
"Barclays Chief Executive Bob Diamond acknowledged on Wednesday that the settlement would damage customer trust in the bank. He said he and other senior executives would forgo their bonuses this year."
Just pay a fine without admitting or denying guilt. No cease and desist here folks, lets move along now.
..And the Honorable Jon Corzine might have been sighted this week with Elvis in a Waffle House.