Leon Cooperman pays $4.9 million to settle insider-trading suit

Hedge-fund manager Leon Cooperman paid $4.9 million to settle insider-trading charges in an unusual deal with securities regulators in which he didn’t admit wrongdoing but agreed that his firm’s trades will be monitored for five years.

The settlement between the Securities and Exchange Commission and Cooperman’s firm Omega Advisors ends standoff in which 74-year-old Cooperman had remained defiant in TV interviews about the case, insisting that he was innocent and that he would never pay a fine the SEC.

“Millions for defense, not one cent for tribute,” Cooperman told Bloomberg TV last October, quoting the 19th Century US Sen. Robert Goodloe Harper.

Under the deal, a compliance monitor will be able to review any trade that Cooperman’s firm makes, and will also require monthly certifications that no trades were made using inside information.

Nevertheless, the SEC,…

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