FishbowlDC FishbowlLA TVNewser TVSpy SocialTimes LostRemote MediaJobsDaily more GalleyCat AppNewser UnBeige AgencySpy PRNewser 10,000 Words AllFacebook AllTwitter semanticweb.com

SEC Accuses Hong Kong Couple Of Insider Trading Before Rupe’s Dow Bid

dow_chart.jpg

Remember last week at this time, when Dow Jones stock jumped on news that Rupert Murdoch had made a $5 billion bid to buy the company? The Securities & Exchange Commission certainly does. Today in a lawsuit filed in New York, the SEC accused a pair of Hong Kong residents of using inside information to buy $15 million of Dow Jones stock ahead the News Corp. announcement.

In a 40-page filing, the SEC requested that the assets of Kan King Wong and Charlotte Ka On Wang Leong be frozen. The complaint alleges that between April 13 and April 30, the couple purchased 415,000 shares of Dow Jones common — stock at a cost of over $15,000,000 — engaged in “widespread and unlawful trading” and “are in a position to yield” over $8 million in profits.

  • Securities & Exchange Commission v. Kan King Wong and Charlotte Ka On Wang Leong [PDF]
  • Mediabistro Event

    “Vine: Create Quick Social Video to Market Your Brand” Webcast

    Bring your Twitter efforts and information to life with this popular video app. Find out how in our Vine webcast taking place tomorrow, June 19 from 4-5 pm ET. Gemma Craven (left), EVP, New York group director of Social@Ogilvy, will discuss how her team has created interactive videos for brands to get their message heard. Register today.