In early 2009, hedge-fund manager Philip Falcone was living the life of a newly made billionaire. He had started extensive renovations on a $49 million Manhattan mansion once owned by Penthouse publisher Bob Guccione. He traveled on a private jet, employed body guards and funded his wife Lisa’s new career as a film producer.

He was also behind an estimated $113 million in personal taxes.

Read the whole story at Bloomberg Businessweek

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