According to reports, Falcone rose to fame and fortunes by shorting the housing market, but has since lost most of it over the past decade.
The New York Post reported on May 17 that a former hedge fund tycoon wants to make a profit from television coverage of crypto industry. This fills a void that exists currently.
Falcone is believed to be pitching BlockchainTV to investors to raise enough funds to support a dedicated cryptocurrency TV channel.
According to the report, Falcone also enlisted Charlie Walk, a former music executive, to help him market the concept and attract investors. This is something that the pair have been trying 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 believes that the world requires a 24-hour network dedicated to covering cryptocurrency, NFTs and Metaverse. Major financial outlets like Bloomberg often mention price movements for high-cap assets like Bitcoin, but there is not much TV coverage of the rest of the ecosystem.
For crypto-show fix, people have to turn to social media outlets and YouTube. These are heavily censored. Although the website does not provide any additional information, it states that the channel will launch in Q3.
Blockchain.TV, dedicated to the digital space, will launch in the third quarter 2022. It will bring you breaking news, entertainment, trending digital activity, and information about Crypto, Web3 and the Metaverse.
Falcone began quietly buying up broadcast stations in 2020 under the name Madison Technologies, which was rebranded as GoTV last year. According to reports, he has channels in Los Angeles and Houston.
The U.S. Securities and Exchange Commission brought securities fraud charges against Falcone and Harbinger Capital Partners, his hedge fund company, in 2012. According to the agency, Falcone used $113 million in fund assets to pay his taxes.
He was also accused in an illegal “short squeeze” to manipulate bond prices, and of unlawfully buying equity securities through a public offering after he had sold the same security short during a restricted period.
New York State is suing the 59-year old moneyman for $12 million in back taxes. To pay the back taxes, he has had to sell his assets and property, including a Hamptons Estate, in recent years.
Twitter user PhilFalcone was called a disgrace by one respondent. He added, “He raised money for crypto TV networks that are just a way for his to make more money.” He doesn’t care about helping people learn about cryptocurrency, he only cares about making money.
Featured image courtesy FN London
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