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- Reflections from FINRA Annual Conference - FINRA CEO Robert Cook
- Wells Fargo Advisors Creates New Mutual Fund Class for Fiduciary Rule
- HUD Sec'y Ben Carson: ‘Poverty is a State of Mind’ - Sheesh!
- Toronto-Dominion Posts Q2 Profit
- Deutsche Bank, Barclays Euribor Traders' Trial Delayed to 2018
- U.K.'s May to Raise Intel Leaks With Trump as Ties at Risk
- Piper's Andrew Duff is New FINRA Governor, As Expected
- Deutsche Bank Said Near Fed Deal on Russia; DOJ Probe Looms
- Status of SEC Administrative Law Judges Still In Doubt Following Denver Appeals Panel Ruling
- First Advertiser Pulls Ads from Sean Hannity’s Fox News Show
- Fate of Elizabeth Warren’s CFPB to be Decided by Legal Showdown
- CME Chair and CEO Terrence Duffy Suffers Collapsed Lung (WSJ Subsc)
- Photos from Trump's Visit With Pope Francis at The Vatican
- U.K. Scolds U.S. ‘Friends’ For Leaking Manchester Bomb Intelligence
- Trump to Retain Private Attorney Marc Kasowitz in Russia Investigation
- Pope Asks Trump to be Peacemaker, Gives Him Environmental Letter
- Bitcoin Hits All-Time High Above $2,400
- 'Soup Nazi' Company Executive Indicted for U.S. Tax Evasion
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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.