As you may have heard, last month the Securities and Exchange Commission charged Omega Advisors founder Leon Cooperman with insider trading (after his son altered the regulator to some shady trading activity he'd noticed). According to Cooperman, the charges are baseless. And although, he says, he could've settled them by simply cutting a 7-figure check, he'll spend 3 or 4 or 5 times that amount to make sure when people hear "Leon Cooperman" or "L. Coops" or "Big Daddy Cooperman" or "The Coopmeister," the first thing that pops into their heads is the times he drew parallels between Obama’s rise to power and that of Adolf Hitler or when he lost his mind because the President of the free world didn't pen a handwritten thank-note to Coops' granddaughter for her book of poems (though Michelle did) and not "securities fraud."
Cooperman has maintained his innocence and is dedicating what he called “astronomical” resources to clearing his name...“We could have settled this matter with the SEC for an amount that is far less than I donate to charity every year,” Cooperman said in a statement released Tuesday. “But I refused to do so because I know that we acted appropriately and lawfully.” Cooperman said he could have settled the charges for $8 million but said that only people who have done something wrong should pony up settlement fees. He recalled Ken Langone telling him that the best money he ever spent was the $30 million outlay to defend himself against former New York Gov. and Attorney General Eliot Spitzer.