Last month, the Securities and Exchange Commission charged legendary hedge fund manager and cranky man Leon Cooperman with insider trading, in a scam that allegedly involved Coops going to the unwitting source of his inside info and asking the guy to go along with a plan to "fabricate a story to tell if question about [the] trading activity." Cooperman has said the charges are total bull and that he'll "vigorously" fight them. In the meantime, though, some scared investors have asked for their money back, as investors tend to do when words like "insider trading" and "illicit profits" get thrown around. But Cooperman isn't sweating losing the fair weather clients. He'll defend himself against the SEC and run his fund even if assets under management drop to $27.50.
Leon Cooperman, the hedge-fund manager accused by the U.S. Securities and Exchange Commission of insider trading, said Tuesday that assets at his Omega Advisors Inc. have dropped to $4 billion. The SEC accused both Cooperman, 73, and his firm last month with insider trading in Atlas Pipeline Partners securities in 2010. Omega’s assets were at $5.4 billion as of Aug. 31, according to its website. They’ve plunged from $9.4 billion in early 2015 as clients have pulled their money. Cooperman said in an interview with Bloomberg Television that he’s prepared to run his business at a loss.