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- CFTC Commissioner Quintenz Named Sponsor of the Technology Advisory Committee
- Harbour and Geneos Customers Win FINRA Arbitration Against Stockbroker - Bill Singer
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- The World’s Biggest Wealth Fund Hits $1 Trillion
- At Jefferies, Like Wall Street, Trading Cedes to Banking
- Ex-SAC Trader Who Pleaded Guilty to Insider Trading Just Remembered He’s Innocent
- JPMorgan Turns to Amazon for Retail 'Customer Experience'
- Goldman Sachs Names Ken Hitchner as New Chairman for Asia Pacific
- Judge All but Tosses SEC Case Against ‘Rogue’ Trader And Ex-FBI Informant Guy Gentile
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- Fake Tax Returns - Your Next Worry After the Equifax Breach
- FINRA DR Recruiting Arbitrators, Mediators at Congressional Black Caucus Conference
- JPMORGAN: Here's who we think will replace Warren Buffett at Berkshire Hathaway
- Mueller to Search Facebook for Russia-Linked Accounts
- Mark Gomes, Market Analyst and Trade Scalper Settles with SEC
- Equifax Waives Credit Lock Fees For Consumers, Amid Criticism
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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.