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Stories of Interest
- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
- CFTC Commissioner Quintenz Named Sponsor of the Technology Advisory Committee
- Harbour and Geneos Customers Win FINRA Arbitration Against Stockbroker - Bill Singer
- Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed
- 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
- 'Boys are #1 Among NFL's Most Valuable Teams
- 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
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.