Falcone Loses Touch Borrowing From Funds Denying Investors Cash

Philip Falcone left his hometown of Chisholm in northern Minnesota’s rusting Iron Range in 1980 in the passenger seat of a 12-year-old Mercury Cougar that cost $150.

Neil Sheehy, from nearby International Falls, had offered Falcone a ride to Harvard University, which had recruited both of them to play hockey for the Crimson. The car stalled in front of Falcone’s house, and Sheehy had to restart it on a hill while Falcone’s mother and one of his sisters sobbed their goodbyes.