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S.E.C. Takes Different Strategy in Insider Trading Case

By Tony Seruga

The Securities and Exchange Commission’s latest insider trading case, against the prominent hedge fund manager Leon G. Cooperman, will test whether the old proverb “where there’s smoke, there’s fire” is enough to prove a violation.

The S.E.C.’s complaint seemingly paints a picture of a classic violation in which an investment manager receives news from someone inside the company and then rushes to trade on it. But the case is hardly typical, and Mr. Cooperman vowed to fight the charges in a five-page letter to his investors that said, “We have done nothing improper and categorically deny the commission’s allegations.”…

S.E.C. Takes Different Strategy in Insider Trading Case

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