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

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]

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