Leon Cooperman, who was charged with insider trading earlier Wednesday, just sent a five-page letter to investors defending himself.
“We are highly disappointed with the [Securities and Exchange Commission]’s decision to file charges, and we strongly disagree with the Commission that either the firm or I have engaged in any unlawful conduct,” Cooperman wrote to investors in a letter viewed by Business Insider.
“We have done nothing improper and categorically deny the Commission’s allegations.”
Here are some of the key points Cooperman made in the letter (emphasis added):
- “As I wrote last year when we first received the subpoenas, I have throughout my fifty-year career in the securities business firmly believed in detailed, fundamental research. As I explained then, that approach has long contemplated direct, face-to-face interactions with company management. Such exchanges of information with company management are appropriate, well-established in the indusry, and even necessary. As a Wall Street Journal op-ed put it just last year, ‘information is not a crime.’ Althought we don’t think it would be productive to state here our views on what we believe to be a seriously misguided effort by the authorities in these matters, we would refer anyone who is interested to Three Felonies a Day: How the Feds Target the Innocent by Harvey A. Silvergate and Licensed to Lie: Exposing Corruption in the Department of Justice by Sidney Powell, both of which provide fascintating insights in the machinations of our country’s criminal justice system.”
In the letter, Cooperman wrote that the U.S. Attorney’s Office has not completeted its investigation into Omega “but has determined not to pursue charges for the time being pending the U.S Supreme Court’s decision in Salman v. United States.