Phil Falcone of Harbinger Capital told investors this week his distressed credit fund returned 11.6 percent year to date.

FORBES: Falcone's Harbinger Scores with BlueLine Returns

Phil Falcone is a New York hedge fund manager who made a fortune betting against subprime mortgages in the financial bust.

FORBES: The Henry Curse: A New Sports Jinx Hits Hedge Fund Team Owners

Another player that has emerged on the scene of late is Light Squared, controlled by hedge fund manager Phil Falcone and his Harbinger Fund.

FORBES: Bumpy Transition to 4G Cellular

This is all separate from the extensive personal problems that Phil Falcone and his Harbinger hedge fund which control LightSquared have experienced of late.

FORBES: Sprint Set to Bail on LightSquared

Phil Falcone, the hedge fund billionaire who has made and lost fortunes in recent years, is on the verge of reaching a very sweet settlement to resolve civil charges filed against him by securities regulators.

FORBES: Billionaire Hedge Fund Manager Phil Falcone's Sweet Deal With The SEC