SEC Charges Leon Cooperman With Insider Trading

The Securities and Exchange Commission on Wednesday charged hedge-fund manager Leon G. Cooperman and his firm Omega Advisors with insider trading.

The SEC accused Mr. Cooperman of profiting after purchasing securities in Atlas Pipeline Partners in advance of the sale of its natural gas processing facility in Elk City, Okla.

Mr. Cooperman was unavailable for immediate comment.

The move by the SEC caps a five-year investigation into Omega, one of the best-known firms in the hedge-fund industry. Mr. Cooperman, a prolific stock picker well-known for his appearances at public conferences and on television, has previously denied any wrongdoing.

The SEC's complaint, filed in federal district court in Philadelphia, also charged Cooperman with failing to timely report information about holdings and transactions in securities of publicly traded companies that he beneficially owned.

Write to Joshua Jamerson at joshua.jamerson@wsj.com