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Cooperman’s Lawyer Says He Faced Parallel Criminal Inquiry

  • Hedge-fund manager contests SEC insider-trading allegations
  • Federal judge won’t immediately toss out regulator’s lawsuit
Leon Cooperman

Leon Cooperman

Photographer: Christopher Goodney/Bloomberg
Updated on

Billionaire Leon Cooperman invoked his Fifth Amendment right against self incrimination and declined to answer questions from the SEC about alleged insider trades because he faced a related criminal investigation by the U.S., his lawyer said.

The U.S. Securities and Exchange Commission sued Cooperman, accusing the hedge-fund manager of reaping $4 million in profits after conversations with a company insider. Cooperman had allegedly promised he wouldn’t use the information, regulators said.