Hedge fund legend Leon Cooperman charged with insider trading
- Cooperman used his status as one of Atlas' largest shareholders to "gain access to the executive and obtain confidential details about the sale of this substantial company asset."
- He and Omega Advisors bought Atlas shares despite explicitly agreeing not to use the information for trading purposes. When Atlas publicly announced the asset sale, its stock price jumped more than 31%.
- Cooperman tried to cover his tracks, contacting the executive "to fabricate a story to tell if questioned about this trading activity."