SEC charges Leon Cooperman with insider trading


Leon Cooperman, founder, chairman and chief executive officer of Omega Advisors Inc., in 2015

The Securities and Exchange Commission on Wednesday charged high-profile, hedge-fund manager Leon Cooperman with insider trading and that he acted to cover it up.

The case stems around Cooperman learning in 2010 of the sale of a natural-gas facility by then-public Atlas Pipeline Partners. The SEC said the 73-year-old Cooperman, one of Atlas Pipeline’s top investors, misappropriated information from a senior Atlas Pipeline executive that it didn’t name, about the sale, which caused the stock to surge by 31% when it was finally announced.

The SEC complaint says the executive shared information about the sale of the facility because he believed Cooperman wouldn’t trade on it.

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