>> Leon Cooperman, a longtime billionaire Wall Street honcho, getting slapped with insider trading charges Wednesday by the Securities and Exchange Commission. The allegations making him the SEC's biggest target in a major crackdown on illegal hedge fund trading. The government accusing Cooperman and his firm Omega Advisors of illegally pocketing $4 million after getting a tip from a corporate executive that Atlas Pipeline partners was planning to sell off a natural gas processing facility.
The suit alleging Cooperman used the non public information to buy up the stock even though he agreed not to. Winning big when the stock shot up over 30% when the news did become public. Cooperman responding to the charges in a letter to investors by saying that he nor his firm did anything wrong.
The last time the SEC successfully went after a hedge fund, it was Steve Cohen's SAC Capital, which was forced to basically shut down and hand over a record $1.8 billion to settle changes, but Cohen, unlike Cooperman, was never personally charged.