Hedge fund manager Lee Cooperman has settled with the government

FILE PHOTO: Leon G. Cooperman, CEO of Omega Advisors, Inc., speaks on a panel at the annual Skybridge Alternatives Conference (SALT) in Las Vegas
Thomson Reuters

Lee Cooperman has settled insider trading charges with the Securities and Exchange Commission for $4.9 million, the Financial Times is reporting.

Last year, Cooperman, the founder of Omega Advisors, was charged with insider trading. He had said that he intended to fight the charges.

Under the settlement, Cooperman is neither admitting nor denying wrongdoing, and will not be banned from managing money, the FT reported.

In an email to Business Insider, Cooperman declined to comment on the settlement.

As part of the settlement, Omega must retain an on-site independent compliance consultant until at 2022, the SEC said in a statement.