The SEC charged hedge fund manager Leon G. Cooperman and his firm Omega Advisors with insider trading. The SEC alleges that Cooperman used his status as one of the largest shareholders in Atlas Pipeline Partners (APL) to gain access to a company executive and learn confidential details about the company’s planned sale of its natural gas processing facility in Elk City, Oklahoma. Cooperman generated substantial illicit profits by purchasing securities in APL in advance of the sale. When APL publicly announced the asset sale, its stock price jumped more than 31%. SEC
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