Officials at the Securities and Exchange Commission charged Leon Cooperman, a hedge fund manager and major donor to Livingston, N.J.-based St. Barnabas Medical Center, with insider trading, according to CNBC.
The SEC alleged Mr. Cooperman bought shares in Atlas Pipeline Partners after learning from an executive source that the company was planning to sell a natural gas processing facility. The SEC also alleged Mr. Cooperman told the executive that provided him with the information to lie for him if questioned by the authorities, according to the article.
Mr. Cooperman said in a statement to CNBC that the charges were "without merit," according to the article.
Mr. Cooperman's investment firm, Omega Investors, is worth nearly $5 million.
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