SEC says Hong Kong couple had insider information before buying Dow Jones stock – Larry Neumeister

From AP via SignonSanDiego.com:

The Securities and Exchange Commission Tuesday accused two Hong Kong residents of “widespread and unlawful trading activity” when they bought $15 million of Dow Jones & Co. stock ahead of an announcement that News Corp. was seeking to buy the company.

The lawsuit in U.S. District Court in Manhattan named as defendants Kan King Wong and Charlotte Ka On Wong Leung, a married couple. It alleged they made “highly profitable and highly suspicious” stock purchases based on inside information between April 13 and April 30.

The lawsuit did not explain how the couple would have obtained inside information on the pending offer. There was no information on whether the couple has a lawyer in the United States. A message left with the SEC lawyer who filed the lawsuit was not immediately returned.[Full Text]

May 8, 2007 4:48 PM
Posted By:
Categories: Economy, Hong Kong