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- Wells Fargo Has Shown Us Its Contemptible Values
- UBS to Counter Trading Troubles With M&A Work
- SEC Moves Quickly To Shut Down Fake Pre-IPO Share Scam
- SEC Testimony: Oversight of the SEC Division of Enforcement
- FINRA Modifies 'Agency Debt Security' in Rule 6710
- Is Jamie Dimon Doing a U-Turn on Bitcoin?
- After New Yorker's Racist Rant Goes Viral, His Law Firm Gets Pummeled with 1-Star Yelp Reviews
- Bill O’Donnell is New CFO at MetLife
- Trump Still Owes Deutsche Bank, Others as Much as $480Mn
- Wells Fargo Scandals Hurt Its Retirement Business
- Michigan State to Pay $500Mn to Victims of Larry Nassar's Abuse
- Top Lawyer at Novartis Leaving Over $1.2Mn Contract with Michael Cohen's Consulting Firm
- Cadwalader Adds Mark Chorazak to its Financial Regulation Practice
- Deutsche Bank: It's A Short According to Eisman of ‘The Big Short’ Fame
- Up In Smoke: Bank of Montreal Goes All-In on Pot Deals
- RBS to Pay $4.9Bn to Settle Toxic MBS Probe with U.S.
- Apple and Goldman Sachs Team Up to Release New Credit Card
- Robinhood, A Stock, Trading App Rejected by 75 Investors, Now Worth $5.6Bn
- Wells Fargo Reportedly Pocketed Fire And Police Department Pension Fund Fee Rebates
- Trading App Robinhood Surpasses E*Trade In User Numbers
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NEWSLETTERS & ALERTS
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.