Hedge-Fund Son Thought Hedge-Fund Dad's Trades Were Pretty Fishy

September 21, 2016 9:01 PM

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On July 28, 2010, at approximately 6:59 a.m. EDT, APL publicly announced for the first time that it was selling Elk City for $682 million. As a result, on that day, APL' s stock price increased approximately 31% and other APL-related securities greatly increased in value.

After this announcement, Cooperman emailed a family member stating that: "[minor family member] will be pleased to know that the bond I bought [for minor family member] the other day has risen 7% in price as the company just sold some assets that resulted in an improvement of their credit standing."

Also read: Supreme Court rules for prosecutors in insider trading case

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