SEC Charges Omega's Leon Cooperman With Insider Trading
- Cooperman knew insider information from Atlas executive
- Hedge fund manager increased Atlas shares before asset sale
Leon Cooperman Accused of Insider Trading by SEC
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Famed investor Leon Cooperman was accused of insider trading by U.S. regulators in the government’s highest-profile case against a hedge fund manager since its crackdown on SAC Capital Advisors.
Marking the culmination of an investigation that dates back to at least 2011, the Securities and Exchange Commission said Cooperman, 73, used his status as one of Atlas Pipeline Partners’ largest shareholders to obtain confidential information from a company executive. He earned about $4 million by buying securities in Atlas before the sale of a company asset in 2010, which caused shares to jump 31 percent, the SEC said Wednesday in a statement.