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Re: fourkids_9pets post# 18884

Wednesday, 09/21/2016 11:02:37 AM

Wednesday, September 21, 2016 11:02:37 AM

Post# of 20257
Leon Cooperman has been charged by the SEC with insider trading

Rachael Levy



The Securities and Exchange Commission has charged Leon Cooperman of Omega Advisors with insider trading.


Here is the SEC's statement:

"The Securities and Exchange Commission today charged hedge fund manager Leon G. Cooperman and his firm Omega Advisors with insider trading based on material nonpublic information he learned in confidence from a corporate executive.

The SEC alleges that Cooperman generated substantial illicit profits by purchasing securities in Atlas Pipeline Partners (APL) in advance of the sale of its natural gas processing facility in Elk City, Oklahoma. Cooperman allegedly used his status as one of APL’s largest shareholders to gain access to the executive and obtain confidential details about the sale of this substantial company asset. Cooperman and Omega Advisors allegedly accumulated APL securities despite explicitly agreeing not to use the material nonpublic information for trading purposes, and when APL publicly announced the asset sale its stock price jumped more than 31 percent.

According to the SEC’s complaint, when Omega Advisors received a subpoena nearly a year-and-half later about its trading in APL securities, Cooperman contacted the executive and tried to fabricate a story to tell if questioned about this trading activity. The executive was shocked and angered when he learned that Cooperman traded in advance of the public announcement.

“We allege that hedge fund manager Cooperman, who as a large APL shareholder obtained access to confidential corporate information, abused that access by trading on this information,” said Andrew J. Ceresney, Director of the SEC’s Division of Enforcement. “By doing so, he allegedly undermined the public confidence in the securities markets and took advantage of other investors who did not have this information.”

The SEC’s complaint further charges Cooperman with failing to timely report information about holdings and transactions in securities of publicly-traded companies that he beneficially owned, alleging that he violated federal securities laws more than 40 times in this regard.

The SEC’s complaint was filed in federal district court in Philadelphia and seeks disgorgement of ill-gotten gains plus interest, penalties, and permanent injunctions against Cooperman and Omega Advisors as well as an officer-and-director bar against Cooperman.

The SEC’s investigation was conducted by Brendan P. McGlynn, Oreste P. McClung, Patrick A. McCluskey, and Polly A. Hayes of the Philadelphia Regional Office, and supervised by G. Jeffrey Boujoukos. The litigation will be led by David L. Axelrod and Mark R. Sylvester. The SEC appreciates the assistance of the Financial Industry Regulatory Authority."

This is a developing story.


http://www.businessinsider.com/lee-cooperman-charged-with-insider-trading-sec-2016-9



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fourkids_9pets Member Level Monday, 03/21/16 04:32:46 PM
Re: None
Post # 18884 of 19415 Go

interesting .. breaking on CNBC just now .. Omega rec'd in a wells notice from the dolts @ the SEC

http://www.cnbc.com/2016/03/21/coopermans-omega-advisors-receives-sec-wells-notice-dj.html

reason why this is of interest to me .. about a week or so ago .. Leon Cooperman was a guest on CNBC for about an hour

part of which was spent addressing the equities market ... and the mess it is in currently due to manipulation
which Mr. Cooperman laid mostly at the SEC's feet


needless to say when I went to pull that *video* off of CNBC .. (after all Mr. Cooperman had been on far longer
than most of CNBC's guests' sound bites) .. there was no video pertaining the to the *market* manipulation
articulated by Mr. Cooperman (paraphrasing) .. today's equity market is not the market he grew up with


http://www.cnbc.com/2016/03/15/leon-cooperman-doesnt-like-what-he-sees-in-this-election.html

SEC = like a few others = the emperor with no clothes and their toadies are the talking heads via CNBC

4kids


10/5/07 -- there are no coincidences here ...
oh and like many other longs .. not selling at this level --

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