Omega’s Cooperman Accused by SEC of Insider Trading in Atlas

By Matt Robinson, Bloomberg News

Famed investor Leon Cooperman was accused of insider trading by U.S. regulators in the government’s highest-profile case against a hedge fund manager since its crackdown on SAC Capital Advisors.

The Securities and Exchange Commission said Cooperman, 73, used his status as one of Atlas Pipeline Partners’ largest shareholders to obtain confidential information from a company executive, according to a statement released Wednesday by the regulator. He earned about $4 million by buying securities in Atlas before the sale of a company asset in 2010, which caused shares to jump 31 percent, the SEC said.

“We allege that hedge fund manager Cooperman, who as ...