Falcone made numerous investments in many companies, institutions and even the Minnesota Wild hockey team. Another focus of his investments was the telecommunications company Lightsquared, which aimed to create a wireless network to compete with AT&T and Verizon, but the project was rejected on the motive that it would interfere with the GPS signals. In 2012 Falcone and Harbinger Capital were charged of fraud by the U.S. Securities and Exchange Commission, so he had to make an agreement with the commission in 2013, to pay total of $11.5 million of his own money to settle the charges, after he admitted to have broken the law. Falcone is married, with two children and he currently lives in New York City. His wife is also active in philanthropic causes, such as American Museum of Natural History and the New York City Ballet.