Billionaire hedge fund manager Leon Cooperman has received permission from U.S. regulators to keep raising money from outside investors, a privilege that was put at risk when he settled insider-trading allegations last week. The U.S. Securities and Exchange Commission has granted Cooperman and his firm, Omega Advisors Inc., a waiver from punishments that automatically kick in when individuals settle enforcement actions. Absent the waiver, it would have been extremely difficult for Cooperman to raise capital for investment funds he manages. Cooperman, who has a net worth of $2.3 billion, agreed to pay $4.9 million on May 18 to resolve allegations...