March 27 (Bloomberg) — Harbinger Group Inc. founder Philip Falcone wasted corporate assets in a bid to keep control of the investment firm after agreeing to a five-year ban on working in the securities industry, an investor contends in a lawsuit.

Falcone, whose hedge funds faced a wave of redemption requests after he accepted the ban as part of a settlement with the U.S. Securities and Exchange Commission, added two board seats to help secure a cash infusion of more than $400 million from Leucadia National Corp., according to a complaint by Haverhill Retirement System, a Harbinger shareholder, filed yesterday in Delaware Chancery Court.

The latest claims against Falcone come as he's trying to steer his wireless broadband provider LightSquared Inc. out of bankruptcy and close a long battle with Dish Network Corp. Chairman Charlie Ergen for control of the company.