Fallen Hedge Fund Tycoon Raising Funds for Crypto TV Channel
Falcone rose to fame and fortunes, amassing a fortune of $2 billion by shorting housing markets but has since squandered most of that over the past decade, according to reports.
On May 17, the New York Post reported that the former hedge fund tycoon is angling to profit from TV coverage of the crypto industry, filling a niche that is currently void.
Falcone is reportedly pitching BlockchainTV to investors in hopes of garnering enough funding to back a dedicated crypto TV channel.
The report added that Falcone enlisted former music executive Charlie Walk to help him sell the concept and attract investors, which the pair has been attempting since January.
SCOOP: Disgraced hedge fund tycoon Phil Falcone raising money for crypto TV network https://t.co/zVpYlED2do
— Lydia Moynihan (@LJMoynihan) May 18, 2022
Filling The Crypto TV Void
Falcone is convinced that the world needs a 24-hour network exclusively devoted to covering cryptocurrencies, NFTs, Metaverse, and Web3. While major finance outlets such as Bloomberg mention the price movements of high cap assets such as Bitcoin now and then, there is very little TV coverage for the rest of the ecosystem.
People currently have to turn to social media and outlets such as YouTube for their crypto show fixes, and these are heavily censored. The website for the channel is largely devoid of any further details but does state that it will launch in Q3.
“Dedicated to the digital space, Blockchain.TV is launching in the third quarter of 2022, bringing breaking news, entertainment, and trending digital activity about Crypto, Web3, and the Metaverse.”
Falcone quietly began buying up broadcast stations under the name Madison Technologies in 2020, which was rebranded to GoTV last year. According to reports, he owns channels in Los Angeles, Seattle, and Houston.
A Shady Past
In 2012, the U.S. Securities and Exchange Commission filed securities fraud charges against Falcone and his hedge fund firm, Harbinger Capital Partners. The agency alleged that Falcone used fund assets totaling $113 million to pay his taxes.
He was also accused of conducting an illegal ‘short squeeze’ to manipulate bond prices and unlawfully buying equity securities in a public offering after having sold short the same security during a restricted period.
The 59-year-old moneyman is being sued by New York State for $12 million in back taxes. He has been forced to sell off assets and property, including a Hamptons estate, in recent years to pay off the debts.
One respondent on Twitter said Phil Falcone is a disgrace, adding, “He’s raised money for a crypto TV network that is just a way for him to make more money. He’s not interested in helping people learn about cryptocurrencies, he’s only interested in making money.”
Featured image courtesy of FN London
