Omega Advisors Subpoenaed

New York (HedgeCo.Net) Reports from CNBC and Bloomberg stated that hedge fund firm Omega Advisors has been subpoenaed by the Securities and Exchange Commission and the U.S. Attorney’s office in New Jersey. According to reports, the authorities are seeking information regarding trading in certain securities.

Omega was founded in New York by Leon Cooperman in 1991. Mr. Cooperman formed the firm after working at Goldman Sachs for 25 years with his last position being the chief of the asset management unit. Omega has assets under management of $9.4 billion.

In a letter to investors on March 24, Cooperman addressed the subpoenas by saying,“These inquiries are at a very early stage, and no one at Omega has been accused of any wrongdoing.” He stated that Omega is cooperating with both agencies and he “is highly confident that it and its employees have at all times acted properly and lawfully.”

Cooperman also stated in the letter, “Had the authorities asked us to do so, we would have voluntarily provided them with all the information they seek, but they chose instead to pursue a different tack.”

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