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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
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- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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SEC v. Cooperman and Omega - A Win-Win Settlement
[Photo: Leoon Cooperman / Yeshiva University Office of Alumni Affairs]
by Howard Haykin
Last October, the SEC was playing ‘Hard Ball’ with Leon Cooperman on insider trading charges, demanding that he not only pay an $8 million fine, but accept a temporary suspension from the industry. Cooperman, 74, who has a decades-long reputation on Wall Street, vowed to fight to the bitter end.
Yesterday’s settlement – announced rather quietly by the SEC – closed this 8-month insider trading case with both sides claiming victory.
- The SEC ‘got their man’, getting him to pay nearly $5 million in fines and disgorged profits and subjecting him to an independent compliance consultant for the next 5 years.
- Leon Cooperman preserved his legacy by not admitting to any wrongdoing and by avoiding being barred or suspended. However, his Omega Advisors has taken a hit, with assets under management shrinking by more than half to $3.4 billion.
Yes, Donald Trump and Congressional leaders, compromise and negotiation is possible, if not preferable.
