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Stories of Interest
- FINRA RegNote 17-40: AML/KYC Requirements Under FINRA Rule 3310
- Trump defends Roy Moore: 'He totally denies it'
- Barclays CEO Staley's New Investment Banking Strategy Falters
- FIFO: Senate Plan Lets Mutual Funds Skip A Tax Change That Hurts Individual Investors
- FINRA Introduces New Functionality and Design to Fund Analyzer
- Oyster Bay, NY, and Former Top Official Charged with Defrauding Muni Investors
- State Street Challenging BNY Mellon As Largest Custody Bank
- Changes to FINRA Advisory Committees: Phase 1
- SEC Approves CAT Fee Dispute Resolution Process
- Boston-Area Consultant & Friend Settle SEC Insider Trading Charges
- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
- Goldman to Launch $5bn Fund with China Investment Corp.
- Wells Fargo Launches Robo-Adviser Targeting Millenial Investors
- Barclays Fails to End U.S. 'Dark Pool' Class Action
- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
- Time to Renew FINRA Registrations - B/D, IA, Agent, IA Rep, Branches
- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
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NEWSLETTERS & ALERTS
SEC v. Cooperman and Omega - A Win-Win Settlement
[Photo: Leoon Cooperman / Yeshiva University Office of Alumni Affairs]
by Howard Haykin
Last October, the SEC was playing ‘Hard Ball’ with Leon Cooperman on insider trading charges, demanding that he not only pay an $8 million fine, but accept a temporary suspension from the industry. Cooperman, 74, who has a decades-long reputation on Wall Street, vowed to fight to the bitter end.
Yesterday’s settlement – announced rather quietly by the SEC – closed this 8-month insider trading case with both sides claiming victory.
- The SEC ‘got their man’, getting him to pay nearly $5 million in fines and disgorged profits and subjecting him to an independent compliance consultant for the next 5 years.
- Leon Cooperman preserved his legacy by not admitting to any wrongdoing and by avoiding being barred or suspended. However, his Omega Advisors has taken a hit, with assets under management shrinking by more than half to $3.4 billion.
Yes, Donald Trump and Congressional leaders, compromise and negotiation is possible, if not preferable.