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- ‘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
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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.