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
Photographer: Christopher Goodney/BloombergThis article is for subscribers only.
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.