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A U.S. judge on Tuesday held off ruling on whether to throw out a government complaint against billionaire investor Leon Cooperman and his firm, Omega Advisors Inc, after the defendant's attorneys requested a dismissal, in a case that could set a legal precedent on insider trading. An attorney for Cooperman, Theodore Wells Jr., also said his client had invoked his constitutional 5th Amendment right against self-incrimination and did not answer questions during the SEC's investigation because of a separate criminal probe. Wells said Cooperman would now be willing to be deposed by the SEC.
Regulators pursuing an insider-trading case against billionaire Leon Cooperman say he is using an “astounding theory” to justify trading on non-public information he obtained from a company insider.
The U.S. Securities and Exchange Commission charged billionaire hedge fund manager Leon Cooperman with insider trading in September. The notable and well respected fund manager is accused of buying additional ...