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SEC Accuses Hong Kong Firm of Insider Trading Ahead of Cnooc Deal

Fox Business --
The U.S. Securities and Exchange Commission has accused a Hong Kong-based firm of insider trading ahead of the public disclosure that Chinese oil firm Cnooc Ltd. (CEO, 0883.HK) plans to acquire Canadian energy producer Nexen Inc. (NXY, NXY.T).

The SEC said it has obtained a court order freezing $38 million in assets held by Well Advantage and other unknown traders, whom it said illegally took in more than $13 million in profits by trading in advance of the deal's announcement.

A representative from Well Advantage couldn't be immediately located for comment.

Cnooc said on Monday that it planned to buy Nexen for $15.1 billion, in an ambitious push by the Chinese state-owned oil company into North American oil and gas fields. The deal, if completed, would mark Cnooc's biggest

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Submitted Jul 29, 2012 By: RNCII
Category: Daily News Article Discussions > Topics Add to favorite topics  
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GasDuck
Champion Author Oregon

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Message Posted: Aug 2, 2012 1:49:09 PM
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Transactions like this would explain how Romney accumulated such a large balance in his tax exempt retirement account.

This is something that an average investor could not do. However, someone connected to a firm like Bane Capital would have many opportunities for trades like this.
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honda0105
Champion Author Tallahassee

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Message Posted: Aug 1, 2012 6:01:20 AM
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and that is any surprise to anyone?
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SkooterG
Champion Author Phoenix

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Message Posted: Jul 30, 2012 1:31:26 PM
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The Chinese government being dishonest and unethical? Imagine that!
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69Bonne
Champion Author Gary

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Message Posted: Jul 29, 2012 11:56:21 PM
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I wouldn't trust them either.
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JuicyQ69
All-Star Author San Bernardino

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Message Posted: Jul 29, 2012 11:53:33 PM
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Do not trust Hong Kong Fooie.
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esquared
Champion Author Oklahoma City

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Message Posted: Jul 29, 2012 11:48:15 PM
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Where in the world did the SEC find the gumption to enforce the rules?!
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Jeannemarie
Champion Author Las Vegas

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Message Posted: Jul 29, 2012 11:47:23 PM
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what else is new??
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naiiawah
Champion Author Boise

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Message Posted: Jul 29, 2012 11:46:58 PM
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OK, great. Now when are they going after all the rest on Wall street instead of just the Chinese?
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vcsuksu21
Champion Author Oklahoma City

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Message Posted: Jul 29, 2012 11:45:12 PM
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ok
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jlf599
Veteran Author Kentucky

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Message Posted: Jul 29, 2012 11:43:46 PM
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China acting in their own best interests? How odd.
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unicornIL
Veteran Author Chicago

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Message Posted: Jul 29, 2012 11:43:05 PM
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imagine that
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carman11
Champion Author North Carolina

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Message Posted: Jul 29, 2012 11:42:58 PM
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OK
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Bubba44612
Champion Author Ohio

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Message Posted: Jul 29, 2012 11:42:18 PM
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Really.
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boatfloyd
Champion Author Jacksonville

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Message Posted: Jul 29, 2012 11:40:18 PM
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I can't believe it.
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jem069
Champion Author Detroit

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Message Posted: Jul 29, 2012 11:38:35 PM
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Ok
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jkpsr
Champion Author New Jersey

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Message Posted: Jul 29, 2012 11:37:00 PM
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Your SEC in action.
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Rageagainsttm
Champion Author Tampa

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Message Posted: Jul 29, 2012 11:35:33 PM
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sure
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nomad228
Champion Author Columbus

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Message Posted: Jul 29, 2012 11:30:11 PM
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just put me a million in my bank account so i can earn the interest off of it .then i won't care or be worried about what all these countries do.just make sure i earn between 3-5 percent on the million tax free.: )i could live very comfortably on 30-50 k a year on tax free interest. then maybe i could afford a 30-40k chevy volt and solar panels and a windmill on my property maybe even geo thermal heating and cooling, maybe even then i could get off the grid completely. : ) nice to dream.
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CAroadrunner101
Champion Author California

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Message Posted: Jul 29, 2012 11:29:45 PM
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oops...
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Chris46
Champion Author Dayton

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Message Posted: Jul 29, 2012 11:28:44 PM
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Greed in Chinese, is still greed!
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pastorpaulcg
Champion Author Virginia

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Message Posted: Jul 29, 2012 11:26:51 PM
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Corruption knows no nationality
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joel27nc
Champion Author Raleigh

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Message Posted: Jul 29, 2012 11:26:42 PM
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Get them!
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Tigercat88
Champion Author North Carolina

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Message Posted: Jul 29, 2012 11:25:52 PM
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Cheating is the China way.
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TFowler513
Champion Author Memphis

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Message Posted: Jul 29, 2012 11:24:46 PM
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You know it's true. The Chinese government will do anything to achieve global domination!!!
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farn1958
All-Star Author Twin Cities

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Message Posted: Jul 29, 2012 11:24:43 PM
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Does it really make any difference?
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grandamgt1
Champion Author Illinois

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Message Posted: Jul 29, 2012 11:24:15 PM
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Who would have thought? China cheating?.......
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chevellefan
Champion Author Georgia

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Message Posted: Jul 29, 2012 11:23:41 PM
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k
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heartbroken2010
Champion Author Ottawa

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Message Posted: Jul 29, 2012 11:23:27 PM
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follow the money.
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Focus2
Champion Author Illinois

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Message Posted: Jul 29, 2012 11:21:57 PM
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Good luck proving that and getting it straightened out!
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judgemobile
Champion Author Ohio

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Message Posted: Jul 29, 2012 11:21:05 PM
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the rich get richer and the greedy get greedier.
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SandeeC
Champion Author Ontario

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Message Posted: Jul 29, 2012 11:20:11 PM
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Corruption everywhere
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millerin
Champion Author Orlando

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Message Posted: Jul 29, 2012 11:15:43 PM
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hmm...
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PrinceLH
Champion Author Ontario

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Message Posted: Jul 29, 2012 11:14:45 PM
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Corrupt part of the world. Why do we trade with these swine!
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Zonk
Champion Author Michigan

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Message Posted: Jul 29, 2012 11:14:29 PM
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Sounds like Wall Street.
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pepinoNC
Champion Author Raleigh

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Message Posted: Jul 29, 2012 11:14:18 PM
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Why is this still up.
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gilfarm
Champion Author Alabama

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Message Posted: Jul 29, 2012 11:13:58 PM
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Not surprised!
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us4usa
Champion Author Missouri

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Message Posted: Jul 29, 2012 11:13:30 PM
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jorod55:Kick them out of the stock market permanently.

Who died and made them king of all foreign company???

The SEC can't even find big oil price fixing here in the US...
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12766
Champion Author New York

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Message Posted: Jul 29, 2012 11:11:59 PM
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OK
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2bigtanks
All-Star Author Akron

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Message Posted: Jul 29, 2012 11:10:34 PM
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Trouble around ever corner.
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N5EXY
Champion Author Austin

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Message Posted: Jul 29, 2012 11:09:34 PM
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Crooks. Worldwide. "The world is a bubble, trouble wherever we go." (Sam Bass)
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crreed1
Champion Author West Virginia

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Message Posted: Jul 29, 2012 11:08:11 PM
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old news
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tedjm1
Champion Author New York

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Message Posted: Jul 29, 2012 11:06:20 PM
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What else do they not try to do?

[Edited by: tedjm1 at 7/30/2012 12:09:47 AM EST]
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mfeldstein
Champion Author Ottawa

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Message Posted: Jul 29, 2012 11:06:04 PM
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So, it's not only in North America then.
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DrLyon
Champion Author Michigan

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Message Posted: Jul 29, 2012 11:05:58 PM
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Too bad...
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VetteFan
Champion Author Indiana

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Message Posted: Jul 29, 2012 11:05:46 PM
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Can the SEC do anything about a foreign company?
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jorod55
Champion Author California

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Message Posted: Jul 29, 2012 11:04:43 PM
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Kick them out of the stock market permanently.
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GigHarborHound
Champion Author Tacoma

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Message Posted: Jul 29, 2012 11:04:03 PM
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Tell me ain't so......
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Bigwaynef
Champion Author South Carolina

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Beware of them eyes...
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1fulltank
Champion Author Buffalo

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Message Posted: Jul 29, 2012 11:02:41 PM
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Git 'em.
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fenster66
Champion Author Pittsburgh

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Message Posted: Jul 29, 2012 11:02:36 PM
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ok....
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