The Securities and Exchange Commission charged billionaire Leon Cooperman with insider trading Wednesday, saying that the investor bet on a pipeline company after getting non-public information about a sale it was planning.
Cooperman and his hedge fund, Omega Advisors, got a tip from one of Atlas Pipeline Partners’ executives that the company planned to sell an Oklahoma natural gas processing facility. The fund then bought up securities in the pipeline company, gaining “substantial illicit profits” after the sale was announced and the stock jumped by almost a third, the SEC said.
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