Leon Cooperman Refutes SEC Charges, Says Information Is Not A Crime

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Leon Cooperman on CNBC this morning

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Lee Cooperman Argues SEC Insider Trading Charges ... -

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I don't want inside information, what I'm looking for is insight, says Omega Advisors' Leon Cooperman, defending himself against charges by the SEC of insider trading.

Cooperman: Information Is Not A Crime

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If you've done nothing wrong don't give these guys a dime, Omega's Leon Cooperman says talking about advice given to him from Ken Langone and the huge legal costs associated with the case.


Leon Cooperman Refutes SEC Charges

Leon Cooperman, Omega Advisors chairman & CEO, reads a statement denying insider trading charges brought against him by the Securities and Exchange Commission.

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Leon Cooperman, Omega Advisors chairman & CEO, shares his thoughts on the global economy and what he sees as "normal" growth.

Also see his statement to CNBC below

I'm here to discuss my views on the market and related topics and not my legal travails, but I would like to first read a brief statement. Omega and I have always followed the law. Anyone who has done their homework would understand that Omega was built on doing detailed fundamental research and complying with the law.

We could have settled this matter with the SEC for an amount that is far less than I donate to charity every year. But I refused to do so because I know that we acted appropriately and lawfully.

I thought about the statement of Robert Harper in 1798, "Millions for defense but not one penny for tribute."

It took me 50 years of very hard work, long hours and playing by the rules to get where I am professionally, and I'm not going to let my legacy be destroyed unfairly. The money is not the issue. As you might know, I've taken the Buffett/Gates Giving Pledge and, with the agreement of my wife and children, I intend to contribute substantially all my financial wealth back to society.

Pablo Picasso once observed that the meaning of life is to find your gift, and the purpose of life is to give it away. Well, this kid from the South Bronx found his gift and is intent on giving it back to society – not to the Government.

The damage to the firm has dramatically impacted the opportunity for professional growth for my 43 partners and associates — outstanding professionals.

I have been gratified by the outpouring of support I have received from my many friends and acquaintances in the business.

Leon Cooperman
Image source: CNBC Video Screenshot


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