The Securities and Exchange Commission announced it was pursuing insider trading charges Wednesday against billionaire hedge fund manager Leon Cooperman and his firm Omega Advisors.
The SEC complaint argues Cooperman used his status as one of the largest shareholders of Atlas Pipeline Partners to acquire non-public information about the company's impending sale of its Elk City operating facilities in 2010. It goes on to say Cooperman used this confidential information to generate illegal profits after shares of APL increased by more than 30 percent following the Elk City sale.
Cooperman denied the insider trading charges against him and his firm on Wednesday, saying the charges are "without merit," adding he would vigorously defend themselves against the accusations.
Read the full SEC complaint against Leon Cooperman and Omega Advisors below.