Couple accused of Dow Jones insider trading
NEW YORK 鈥?U.S. regulators accused Tuesday a husband and wife in Hong Kong of insider trading stemming from their purchases of Dow Jones & Co. Inc. shares prior to News Corp.'s $5 billion (U.S.) takeover bid.
The U.S. Securities and Exchange Commission said Kan King Wong and Charlotte Ka On Wong Leung "engaged in widespread and unlawful trading activity" that put them in a position to make an estimated $8.1 million profit on Dow Jones shares.
The SEC and the New York state attorney general have been investigating unusual trading in Dow Jones' stock and options before the buyout offer was announced on May 1.
A civil complaint filed by the SEC in Manhattan federal court said the Hong Kong couple bought 415,000 shares of Dow Jones from April 13 to April 30 "while in possession of material, nonpublic information" regarding the impending News Corp.
