Wednesday, September 21, 2016

SEC Charges Hedge Fund Manager Leon Cooperman, Omega Advisors With Insider Trading Charges

From MarketWatch:
WASHINGTON (MarketWatch) -- The Securities and Exchange Commission on Wednesday charged hedge-fund manager Leon Cooperman with insider trading, over his purchase of Atlas Pipeline Partners securities. According to the SEC, Cooperman gained access to nonpublic information from an executive and learned about the sale of a natural gas process facility in Elk City, Oklahoma. When the sale was announced, the stock jumped by 31%, the SEC said, benefiting Omega Advisors. After getting subpoenaed, Cooperman tried to fabricate a story, the SEC added. Atlas Pipeline Partners was subsequently purchased by Targa Resources Partners.