Omega Advisors Inc.

Denver, CO: (Jul-07-07) Federal officials filed a lawsuit against Omega Advisors Inc., the $6 billion hedge fund run by Leon Cooperman, following a US bribery investigation into its investment of more than $100 million in Azerbaijan with Czech financier Viktor Kozeny. The suit alleged that Kozeny, while living in Aspen, cheated investors of hundreds of millions of dollars by luring them to back his failed bid to seize control of the State Oil Co. of the Azerbaijan Republic in 1998 and that Kozeny paid millions of dollars in bribes to Azeri leaders. Kozeny is also wanted by authorities in the Czech Republic, where he is accused of stripping Czech companies of hundreds of millions of dollars and cheating hundreds of thousands of small investors in the early 1990s. In a settlement reached, Omega Advisors agreed to pay $500,000 to resolve allegations. [DENVER POST: HEDGE FUND BRIBERY]

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Published on Jul-9-07