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Alternative Market Briefing

Leon Cooperman settles insider trading case for $4.9M
Friday, May 19, 2017

Bailey McCann, Opalesque New York:

Hedge fund manager Leon Cooperman of Omega Advisors has settled his insider trading case with the SEC for $4.9 million, according to several reports.

Cooperman's settlement is notable in several key areas - the sub-$5 million settlement is relatively small compared to recent fees extracted by the regulator for questionable transactions. Cooperman will also be allowed to continue in the financial services industry without restrictions and did not have to admit wrongdoing. According to a New York Times report, Omega Advisors will retain a trading monitor until 2022 to ensure that all transactions are above board.

The terms of the settlement were filed in Federal District Court in Philadelphia on Thursday.

Regulators initially brought the enforcement action against Cooperman alleging that he had used his position as one of the largest shareholders in Atlas Pipeline Partners to gain confidential information and trade on it before the market was aware. The charges alleged that Omega Advisors netted approximately $4 million in profits from the trades. Cooperman fought back hard against the charges and indicated that he was prepared to go to court if necessary in order to defend his business and his record.

Cooperman has yet to comment publicly on the settlement. ......................

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