SEC Accuses Hedge Fund Manager Cooperman of Insider Trading

[Eugene]

Source: Associated Press

Federal regulators have accused high-profile hedge fund manager Leon Cooperman and his firm of illegally trading on confidential information he learned from a company executive.

The Securities and Exchange Commission announced the civil insider-trading charges Wednesday against Cooperman and his firm, Omega Advisors. Cooperman is well known in Wall Street circles and appears frequently on the CNBC business cable network.

The SEC said Cooperman profited illegally by buying securities in Atlas Pipeline Partners in advance of the sale of its natural gas processing facility in Oklahoma, using his status as one of the company's biggest shareholders to get the information from the executive. After the announcement of the sale, Atlas Pipeline shares soared more than 31 percent.

Attorneys representing Cooperman and Omega didn't immediately return calls seeking comment.


Read more: http://abcnews.go.com/Business/wireStory/sec-accuses-hedge-fund-manager-cooperman-insider-trading-42250447

---

By THE ASSOCIATED PRESS WASHINGTON — Sep 21, 2016, 11:29 AM ET

Short article. No more at link.

[Wellstone ruled]

1. Nothing will happen to this Guy.

Pay some piddly fine and get a slap on the hand business as usual. Wall Street as usual.

[hatrack]

2. NO! Insider trading by a hedge fund manager!?!!??

[INdemo]

3. MMMMMM.....SEC will go after a hedge fund manager because

of questionable, possible insider trading (hard to prove) violations but will allow the CEO of a Major Bank (Wells Fargo) along with other Execs go free and with no charges filed that committed fraud...doesnt hardly seem right..

Wells Fargo should add that * below their Wells Fargo Logo that should read

Wells Fargo Bank
*Div. of Organized Crime

[nitpicker]

4. From the SEC PR

https://www.sec.gov/news/pressrelease/2016-189.html

(snip)
The SEC’s complaint further charges Cooperman with failing to timely report information about holdings and transactions in securities of publicly-traded companies that he beneficially owned, alleging that he violated federal securities laws more than 40 times in this regard.
(snip)