Art Falcone to Receive Prestigious 2020 Horatio Alger Award

Horatio Alger Association of Distinguished Americans, Inc., a nonprofit educational organization honoring the achievements of outstanding individuals and encouraging youth to pursue their dreams through higher education, today announced that Arthur Falcone, CEO and chairman of the Falcone Group, and co-founder and managing principal of Encore Capital Management, has been selected for membership in this prestigious organization. Mr. Falcone joins 13 other exceptional business, civic and cultural leaders from across North America in receiving 2020 honors. For more than 70 years, the Horatio Alger Award has been annually bestowed upon esteemed individuals who have succeeded despite facing adversities, and who have remained committed to higher education and charitable efforts in their communities.

Mr. Falcone was born in Queens, New York. His parents were first-generation Italian immigrants and who worked long hours to support their three children. Although they didn’t have much, Mr. Falcone was taught the importance of giving back at a young age. His father, a police officer, who was one of the first appointed officers to run the Police Boy’s Club and began mentoring at-risk and disadvantaged youth in their neighborhood. Although he took a few classes at Nassau Community College, Mr. Falcone never graduated and instead decided to join the workforce. After completing the McDonald’s Management Training Program, he became the company’s youngest franchisee at just 22. Due to his success in this role, he met Dave Thomas, founder and CEO of Wendy’s, who offered him territorial rights for 40 Wendy’s restaurants in South Florida.

As Mr. Falcone continued to build his franchise portfolio, he realized that he would much rather build his own restaurants than pay a construction company and then pay them rent. This sparked his interest in real estate and in 1988, he founded Transeastern Properties, which later become the largest homebuilder in Florida and the one of the top 25 homebuilders in the United States. Mr. Falcone sold Transeastern Properties for $1.6 billion. Since 2004, he has served as CEO and chairman of Falcone Group, a real estate company specializing in residential, retail and apartment assets. He is also the co-founder and managing principal of Encore Capital Management, which encompasses two private equity funds, a private multifamily REIT, and numerous other investments valued at $2 billion in capital and $10 billion in portfolio development value.

“For decades, Art Falcone has been living out the Horatio Alger mission in his own life,” said Terrence J. Giroux, executive director, Horatio Alger Association. “He embodies the values of hard work and integrity. His corporate achievements are to be admired and his charitable giving has impacted the lives of thousands – particularly those who need it most in his own community in South Florida. We are honored to present Art with the Horatio Alger Award in 2020.”     

Mr. Falcone has harnessed his entrepreneurial spirit to empower young people to improve their lives through the free-enterprise system. Inspired by the late H. Wayne Huizenga, past president of the Horatio Alger Association, he became involved in Junior Achievement of South Florida. Mr. Falcone funded Junior Achievement BizTown, an engaging, hands-on program that introduces fifth graders to business, finance and economics. Mr. Falcone serves on the board of trustees for Nova Southeastern University, where, in 2006, he was inducted into the H. Wayne Huizenga School of Business Entrepreneurship Hall of Fame.

“Throughout my career, I have been fortunate to have been inspired by those who are both great entrepreneurs and outstanding philanthropists, like Wayne Huizenga, who have shaped me into the person I am today,” said Mr. Falcone. “Wayne’s civic-minded approach to life and his belief that we must use our good fortune to help others set an incredible example for me and so many others.”

Thanks to the generosity of its Members, the Association awards need-based scholarships to outstanding high school students who are committed to pursuing higher education and giving back to their communities. The Association also educates young people about the limitless opportunities afforded to them by the free-enterprise system through hard work, honesty and determination. Like Association Members, Horatio Alger Scholars have faced significant adversities, but have also displayed unmatched resilience in overcoming their challenges. Since the scholarship program was established in 1984, the Horatio Alger Association has provided more than $180 million to 27,000 students in need, all of which has been funded solely through the generosity of Association Members and friends.

Mr. Falcone and the Member Class of 2020 will be formally inducted into the Association on April 2-4, 2020, during the Association’s 73rd Horatio Alger Award Induction Ceremonies in Washington, D.C. The annual three-day event honors the achievements of both Members and National Scholars, affording both groups the opportunity to meet and interact as well as exchange stories of hardships and triumphs.