Fines for trades involving Dow Jones
The New York Times reports that a former Dow Jones & Company director and three associates will pay more than $24 million to settle charges that the associates traded illegally on inside knowledge of the News Corporation’s takeover of Dow Jones, federal regulators announced on Tuesday.
David K. P. Li, a powerful financial and civic figure in Hong Kong who sat on the Dow Jones board, passed news of the offer to a friend on a flight last April from Hong Kong to Shanghai, 18 days before the takeover bid became public, according to the Times.
The friend, Michael Leung Kai-hung, and his daughter and son-in-law began buying large blocks of Dow Jones shares that same day. In all, they bought more than $15 million worth of shares and then sold them after the price soared on news of the takeover, for a profit of $8.1 million.
For the full story click here.
David K. P. Li, a powerful financial and civic figure in Hong Kong who sat on the Dow Jones board, passed news of the offer to a friend on a flight last April from Hong Kong to Shanghai, 18 days before the takeover bid became public, according to the Times.
The friend, Michael Leung Kai-hung, and his daughter and son-in-law began buying large blocks of Dow Jones shares that same day. In all, they bought more than $15 million worth of shares and then sold them after the price soared on news of the takeover, for a profit of $8.1 million.
For the full story click here.
posted by Kelly at
2/06/2008 08:33:00 AM
0 Comments:
Post a Comment
<< Home