SEC charges NJ Jewish philanthropist with insider trading

SEC charges NJ Jewish philanthropist with insider trading

Billionaire hedge fund manager Leon Cooperman denies using confidential information to make $4m in pipeline company purchase

Leon Cooperman (screen capture: YouTube)
Leon Cooperman (screen capture: YouTube)

NEW YORK — Leon Cooperman, a billionaire hedge fund manager and Jewish philanthropist from New Jersey, has been charged with insider trading.

Cooperman and his Omega Advisers hedge fund were charged Wednesday by the Securities and Exchange Commission, which alleges that Cooperman made $4 million by buying into Atlas Pipeline Partners LP, of which he was a shareholder, by using confidential information he was prohibited from acting on.

Cooperman denied the allegations in a lengthy letter to investors Wednesday.

“Needless to say, we are highly disappointed with the Commission’s decision to file charges, and we strongly disagree with the Commission that either the firm or I have engaged in any unlawful conduct,” he wrote.

In 2012, Cooperman and his wife, Toby, gave their $20 million life insurance policy to their local federation, the Jewish Community Foundation of MetroWest New Jersey. It was the largest single gift ever received by the federation. The Coopermans have also given to local institutions, according to the New Jersey Jewish News.

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