TVNewser Show TVNewser FishbowlDC AgencySpy TVSpy LostRemote PRNewser SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

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 Course

    Freelancing 101 Online Boot Camp

    Freelancing 101Starting April 28, this online event will show you the best way to start your freelancing career, from the first steps of self-advertising and marketing, to building your schedule and managing clients. By the end of this online boot camp you will have a plan for making a profitable career as a freelancer, and the skill set to devote yourself to it. Register now!