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Business

A Wall Street titan hit with insider trading charges

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Opening sequence

Business

A Wall Street titan hit with insider trading charges

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COMING UP:A Wall Street titan hit with insider trading charges

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00:00:01
>> 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.
00:00:29
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.
00:00:48
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.