Sun, Sep 25, 2016
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Opalesque Roundup: SEC shakes hedge fund industry with Cooperman insider trading case: hedge fund news, week 38

In the week ending 23 September, 2016, on the legal scene; the SEC has charged Leon Cooperman of insider trading in connection with Atlas Pipeline; Cooperman told his investors that he refuses to settle the insider trading charges against him and Omega Advisors.

The law firm Sadis & Goldberg LLP said that the SEC's Cooperman insider trading case is very similar to the Cuban case, since it relies on a "he-said, she-said" claim of an oral promise not to trade. Whether an adverse inference applies due to Mr.Cooperman taking the Fifth in SEC testimony may determine the outcome of the case

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