Hedge fund powerhouse Leon Coopermans Omega Advisors hedge funds has been subpoenaed by the US Attorneys Office in New Jersey and the US Securities and Exchange Commission. Cooperman revealed this news in a letter to clients yesterday.
The 71-year old Cooperman told CNBC that he and his form are cooperating with the investigation, and that they are confident they acted properly at all times.
Omega Advisors has a reported $9.4 billion in assets under managements, and Coopermans personal worth is estimated at $3.7 billion, according to media reports. He launched Omega in 1991 after spending 25 years at Goldman Sachs, where he had started its asset management unit.
Cooperman, a regular commentator on cable news programs, had a defiant tone in his letter to clients yesterday. 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, Cooperman said in the letter.
Also in the letter, Cooperman said that the SEC and NJAGs inquiries were at a very early stage and added that no person inside his hedge funds has been accused of any illegal activity.
