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SEC charges Leon Cooperman with insider trading

Bloomberg

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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