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Cooperman Settles SEC Insider Trading Charges
[Photo: Christopher Goodney / Bloomberg]
Hedge fund manager Leon Cooperman and his firm Omega Advisors will pay nearly $5 million and retain an outside compliance consultant to settle SEC insider trading charges and beneficial ownership reporting violations - that, according to a quiet public statement from Stephanie Avakian, Acting Enforcement Director for the SEC. Terms of the settlement are subject to court approval.
SETTLEMENT TERMS. Cooperman and Omega agree to the following:
- pay $4.9 million in disgorgement, prejudgment interest, and penalties.
- retain an onsite independent compliance consultant until 2022; the consultant:
► can access, without prior notice, their electronic communications, trading records, and research
► will review trades by Cooperman and Omega on an ongoing basis
► will recommend improvements and conduct training
► will report to the SEC
- submit monthly certifications that they were not aware of material nonpublic information prior to any securities trades such that the trades would violate Section 10(b) of the Exchange Act.
- outsource their required beneficial ownerships filings to a law firm acceptable to the SEC.
- conduct training and perform an annual review of Omega’s beneficial ownership reporting policies and procedures.
