BROWSE BY TOPIC
Stories of Interest
- ‘A Bleak Picture’ for Women Trying to Rise at Law Firms
- How Golf Superstar Jordan Spieth, 23, Spends Time and Millions
- Goldman Sachs Retreats as a Top Lead Market Maker for ETFs
- In-House Counsels: Top 30 Money-Earners
- Ivanka Trump Retains White Collar Defense Lawyer Abbe Lowell
- Ameriprise Financial Reports Higher Q2 Profits, Revenues
- SEC Announces $2.5 Million Whistleblower Award
- Another Russian Connection for a Trump Nominee - Brian Benczkowski, Picked to Lead DOJ Criminal Division
- 3 From BigLaw Chosen as SDNY Magistrate Judges
- Morgan Stanley Tops Goldman in Market Value for First Time in 10 Years
- Former DOJ Official on Evolution of Corporate Compliance
- T+2 Settlement - FINRA User Acceptance Tests
- LedgerX Approved as Derivative Clearing Organization - CFTC
- Trump, ObamaCare and the Art of the Fail - Peggy Noonan
- Bryan Wood to Head SEC Office of Legislative and Intergov'tal Affairs
- BATS Market Close v. NYSE and Nasdaq
- Inside Scaramucci’s Extreme Loyalty to Trump – William Cohan
- Who President Trump Can Pardon, and Who He Can’t
- Ex-UBS Compliance Officer, Day Trader Deny Insider Trading
- Private Equity’s Big Bets on Financial Tech
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
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.