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Leon Cooperman, chairman and CEO of investment firm  Omega Advisors, today received permission from U.S. regulators to keep raising money from outside investors, a right that was put at risk when he settled insider trading allegations last week, Bloomberg reports.

The SEC granted Cooperman and his firm a waiver from penalties that automatically begin when individuals settle enforcement actions.

Without the exemption, Cooperman would have had great difficulty raising capital for investment funds he manages.

Last week, Cooperman agreed to pay $4.9 million to settle allegations he traded on inside information.

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Under the settlement, Cooperman will not admit or deny wrongdoing or be banned from the industry.

Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.