Leon Cooperman Charged With Insider Trading
The former CEO of GS AM has been charged with insider trading over his buying and selling of Atlas Pipeline Partners.
"Cooperman allegedly used his status as one of Atlas’s largest shareholders to gain access to confidential information, according to a statement released Wednesday from the U.S. Securities and Exchange Commission. Cooperman earned substantial illicit profits by buying securities in Atlas before the sale of a company asset. - Bloomberg
Cooperman states "SEC charges are without merit and they will vigorously defend themselves".
What's next for Cooperman?
I am assuming he will get a pretty hefty fine if found guilty and might be barred from managing outsider money for a certain amount of time. At least that's what happened with Cohen.
do you have any links about the Cohen case? looking for some info on that.
they nailed him on the Pepsim trade...
guy is worth $3 billion yet he will get some slap on the wrist fine and be forced to family office status... what's the incentive NOT to insider trade until you get caught?
I'm not hugely familiar with insider trading cases, but have there been more sentencings like Raj Rajaratnam (I believe he got 11 years)? Is the norm to just pay the fine and get away with it?
Unless you're brown.
I think the scale of Rajaratnam's insider trading (5 different trades if i remember correctly) was part of the reason for the aggressive sentence. Also, the SEC can only file civil charges so Cooperman would have to be charged by the U.S. Attorney's office to face any potential prison time
I agree.
$13bn
Wasn't it a family member who was the whistle blower? Interesting
inadvertently
I feel so sorry for him.
Why do you feel sorry for him?
google SAC
Terrible investor anyways, probably got his AUM through connections and family
Hope this is a troll because cooperman is a legend. Had something like 25 straight years of positive returns
Terrible at least in the past two years. He only seemed to modestly outperform the S&P over the past 15, and his last big year was around 1994
He was outed by his son, which means that the holidays with the family will be INCREDIBLY awkward this year.
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