Iron Range’s ‘Great Gatsby’ now probably regrets that nickname

Phil Falcone, the Chisholm native, jet-setting hedge fund manager and co-owner of the Minnesota Wild hockey team, was dinged for an $18 million fine for misuse of company funds. The Star Tribune detailed the story last week.

We’ve mentioned Mr. Falcone here before, at the peak of his financial empire building in 2008. It was during this time that he visited legendary Iron Range bar Tom and Jerry’s in Chisholm and dropped thousands of dollars on drinks for everyone, leaving $100 tips for the staff. Around this time he tried unsuccessfully to seize control of Cleveland-Cliffs, one of the Range’s major mining companies.

In a recent business profile, Falcone was described as a latter-day “Great Gatsby,” along with his wife. The movie version of The Great Gatsby opened this weekend, just as this story broke. The movie got so-so reviews. This story, similarly, lands with an inevitable thud.

It’s never good to be the Great Gatsby. Really, it can seem good for a time. But that’s kind of the point of the Great Gatsby. 

That said, Falcone still has a lot of money and still owns 35 percent of the Wild. So there’s that.

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