Hedge fund manager Cooperman refused to settle, fights to save legacy
- Top 10 News for 10/24 - 10/28: AT&T (T), Time Warner Make it Official; Margins Hamper Apple's Q4; Mergers Aplenty
- Wall St. falls as FBI to review more Clinton emails
- Clinton email problem resurfaces as FBI announces review
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
Leon Cooperman, chairman and CEO of Omega Advisors, speaks during the Sohn Investment Conference in New York May 4, 2015. REUTERS/Brendan McDermid
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
BOSTON (Reuters) - Billionaire investor Leon Cooperman on Wednesday told investors that he and his hedge fund Omega Advisors refused to settle insider trading charges with the United States government because he would not let anyone destroy his legacy.
The Securities and Exchange Commission on Wednesday charged the 73-year old stock picker and his $5.4 billion firm with illegal trading in Atlas Pipeline Partners six years ago after they found out about the planned sale of a unit.
Sounding defiant on a 10 minute conference call with investors, Cooperman said he plans to fight the charges and will continue to invest money for clients. Cooperman said he likes what he owns and that there is no need for forced selling in his portfolios which are making money this year.
"I could have settled this for far less money than I give to charity every year," Cooperman said, adding "I am not going to let these people destroy my legacy."
Cooperman, who has been investing for roughly five decades, said his lawyers forbade him to take questions on the call, something that goes against his nature to be very open. "I won't
take questions as much as I'm dying to," Cooperman said adding that he is confident "we will prevail" in fighting the charges.
(Reporting by Svea Herbst-Bayliss; Editing by David Gregorio and Andrew Hay)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Clinton presidential campaign hit by FBI email probe 11 days before election
- L-3 Communications (LLL) in Talks with Justice and SEC on Settlement Over Aerospace System Segment Accounting - Bloomberg
- Theravance Biopharma (TBPH) Prices 3.85M Shares, $200M Conv. Notes Offerings
Create E-mail Alert Related CategoriesGeneral News, Hedge Funds, Litigation, Reuters
Related EntitiesHedge Funds, Leon Cooperman, Omega Advisors
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!