NEW YORK (TheStreet) --Omega Advisory chairman and CEO Leon Cooperman has been charged by the SEC for insider trading.

"[The SEC] alleges Cooperman generated substantial illicit profits. It alleges profits from purchasing securities in Atlas [Pipeline Partners]. It cites securities before Atlas processing facility sale, and it charges Cooperman with failing to timely report information," Bloomberg TV's Mark Barton reported on Wednesday morning's "Bloomberg Markets."

"We allege that hedge fund manager Cooperman, who as a large APL shareholder obtained access to confidential corporate information, abused that access by trading on this information, By doing so, he allegedly undermined the public confidence in the securities markets and took advantage of other investors who did not have this information,"  director of the SEC's Division of Enforcement Andrew J. Ceresney said in a statement. 

Before starting Omega Advisors in 1991, Cooperman worked at Goldman Sachs (GS) as a general partner and later as CEO of Goldman's Asset Management. But as Real Money Pro --TheStreet's subscription-based site for active traders -- reported back in March, Cooperman and Omega had become targets of an SEC investigation over Atlas.