WASHINGTON (AP) — Federal regulators have accused high-profile hedge fund manager Leon Cooperman and his firm of illegally trading on confidential information he learned from a company executive.
The Securities and Exchange Commission announced the civil insider-trading charges Wednesday against Cooperman and his firm, Omega Advisors. Cooperman is well known in Wall Street circles and appears frequently on the CNBC business cable network.
The SEC said Cooperman profited illegally by buying securities in Atlas Pipeline Partners in advance of the sale of its natural gas processing facility in Oklahoma, using his status as one of the company's biggest shareholders to get the information from the executive. After the announcement of the sale, Atlas Pipeline shares soared more than 31 percent.
Attorneys representing Cooperman and Omega didn't immediately return calls seeking comment.