Not Logged In Log In   Sign Up   Points Leaders
Follow Us    2:28 AM

GasBuddy News Article

53
votes
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


Read the Full Article

Submitted Jul 29, 2012 By: RNCII
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: SEC Accuses Hong Kong Firm of Insider Trading Ahead of Cnooc Deal Back to Topics
REPLIES (newest first) Post a Reply
Profile Pic
GasDuck
Champion Author Oregon

Posts:11,606
Points:3,540,995
Joined:Jun 2004
Message Posted: Aug 2, 2012 11:49:09 AM

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.
Profile Pic
honda0105
Champion Author Tallahassee

Posts:23,380
Points:2,295,465
Joined:Nov 2008
Message Posted: Aug 1, 2012 4:01:20 AM

and that is any surprise to anyone?
Profile Pic
SkooterG
Champion Author Phoenix

Posts:3,503
Points:964,275
Joined:May 2012
Message Posted: Jul 30, 2012 11:31:26 AM

The Chinese government being dishonest and unethical? Imagine that!
Profile Pic
69Bonne
Champion Author Gary

Posts:3,227
Points:997,750
Joined:Sep 2005
Message Posted: Jul 29, 2012 9:56:21 PM

I wouldn't trust them either.
Profile Pic
JuicyQ69
All-Star Author San Bernardino

Posts:855
Points:1,645,200
Joined:Apr 2009
Message Posted: Jul 29, 2012 9:53:33 PM

Do not trust Hong Kong Fooie.
Profile Pic
esquared
Champion Author Oklahoma City

Posts:10,296
Points:2,536,320
Joined:Jan 2006
Message Posted: Jul 29, 2012 9:48:15 PM

Where in the world did the SEC find the gumption to enforce the rules?!
Profile Pic
Jeannemarie
Champion Author Las Vegas

Posts:32,623
Points:2,531,590
Joined:Aug 2005
Message Posted: Jul 29, 2012 9:47:23 PM


what else is new??
Profile Pic
naiiawah
Champion Author Boise

Posts:4,966
Points:1,349,030
Joined:Mar 2011
Message Posted: Jul 29, 2012 9:46:58 PM

OK, great. Now when are they going after all the rest on Wall street instead of just the Chinese?
Profile Pic
vcsuksu21
Champion Author Virginia

Posts:2,543
Points:992,685
Joined:Dec 2010
Message Posted: Jul 29, 2012 9:45:12 PM

ok
Profile Pic
jlf599
Veteran Author Kentucky

Posts:339
Points:126,925
Joined:May 2012
Message Posted: Jul 29, 2012 9:43:46 PM

China acting in their own best interests? How odd.
Profile Pic
unicornIL
All-Star Author Chicago

Posts:561
Points:699,860
Joined:Jan 2012
Message Posted: Jul 29, 2012 9:43:05 PM

imagine that
Profile Pic
carman11
Champion Author North Carolina

Posts:6,316
Points:1,378,450
Joined:Jun 2011
Message Posted: Jul 29, 2012 9:42:58 PM

OK
Profile Pic
Bubba44612
Champion Author Ohio

Posts:10,183
Points:2,554,390
Joined:Aug 2005
Message Posted: Jul 29, 2012 9:42:18 PM

Really.
Profile Pic
boatfloyd
Champion Author Jacksonville

Posts:4,640
Points:1,074,215
Joined:Mar 2012
Message Posted: Jul 29, 2012 9:40:18 PM

I can't believe it.
Profile Pic
jem069
Champion Author Detroit

Posts:4,525
Points:1,214,335
Joined:Jan 2011
Message Posted: Jul 29, 2012 9:38:35 PM

Ok
Profile Pic
jkpsr
Champion Author New Jersey

Posts:5,944
Points:1,595,390
Joined:Jun 2005
Message Posted: Jul 29, 2012 9:37:00 PM

Your SEC in action.
Profile Pic
Rageagainsttm
Champion Author Tampa

Posts:11,007
Points:2,568,560
Joined:Jul 2007
Message Posted: Jul 29, 2012 9:35:33 PM

sure
Profile Pic
nomad228
Champion Author Columbus

Posts:3,208
Points:592,275
Joined:Feb 2011
Message Posted: Jul 29, 2012 9:30:11 PM

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.
Profile Pic
CAroadrunner101
Champion Author California

Posts:4,573
Points:1,966,125
Joined:Mar 2009
Message Posted: Jul 29, 2012 9:29:45 PM

oops...
Profile Pic
Chris46
Champion Author Dayton

Posts:48,372
Points:2,756,175
Joined:Sep 2005
Message Posted: Jul 29, 2012 9:28:44 PM

Greed in Chinese, is still greed!
Profile Pic
pastorpaulcg
Champion Author Virginia

Posts:3,615
Points:777,635
Joined:Dec 2010
Message Posted: Jul 29, 2012 9:26:51 PM

Corruption knows no nationality
Profile Pic
joel27nc
Champion Author Raleigh

Posts:13,417
Points:2,540,520
Joined:Mar 2008
Message Posted: Jul 29, 2012 9:26:42 PM

Get them!
Profile Pic
Tigercat88
Champion Author North Carolina

Posts:6,075
Points:1,303,690
Joined:Jul 2011
Message Posted: Jul 29, 2012 9:25:52 PM

Cheating is the China way.
Profile Pic
TFowler513
Champion Author Memphis

Posts:3,824
Points:2,018,010
Joined:Mar 2008
Message Posted: Jul 29, 2012 9:24:46 PM

You know it's true. The Chinese government will do anything to achieve global domination!!!
Profile Pic
farn1958
All-Star Author Twin Cities

Posts:886
Points:183,385
Joined:Feb 2011
Message Posted: Jul 29, 2012 9:24:43 PM

Does it really make any difference?
Profile Pic
grandamgt1
Champion Author Illinois

Posts:5,270
Points:1,921,980
Joined:Apr 2008
Message Posted: Jul 29, 2012 9:24:15 PM

Who would have thought? China cheating?.......
Profile Pic
chevellefan
Champion Author Georgia

Posts:4,708
Points:1,086,065
Joined:Sep 2011
Message Posted: Jul 29, 2012 9:23:41 PM

k
Profile Pic
heartbroken2010
Champion Author Ottawa

Posts:7,205
Points:1,582,560
Joined:Aug 2010
Message Posted: Jul 29, 2012 9:23:27 PM

follow the money.
Profile Pic
Focus2
Champion Author Illinois

Posts:8,165
Points:2,123,230
Joined:Mar 2006
Message Posted: Jul 29, 2012 9:21:57 PM

Good luck proving that and getting it straightened out!
Profile Pic
judgemobile
Champion Author Ohio

Posts:10,446
Points:3,131,760
Joined:Nov 2005
Message Posted: Jul 29, 2012 9:21:05 PM

the rich get richer and the greedy get greedier.
Profile Pic
SandeeC
Champion Author Ontario

Posts:3,334
Points:503,460
Joined:Apr 2011
Message Posted: Jul 29, 2012 9:20:11 PM

Corruption everywhere
Profile Pic
millerin
Champion Author Orlando

Posts:4,654
Points:1,101,950
Joined:Jan 2012
Message Posted: Jul 29, 2012 9:15:43 PM

hmm...
Profile Pic
PrinceLH
Champion Author Ontario

Posts:5,577
Points:1,223,645
Joined:Jun 2011
Message Posted: Jul 29, 2012 9:14:45 PM

Corrupt part of the world. Why do we trade with these swine!
Profile Pic
Zonk
Champion Author Michigan

Posts:9,323
Points:2,779,525
Joined:Oct 2005
Message Posted: Jul 29, 2012 9:14:29 PM

Sounds like Wall Street.
Profile Pic
pepinoNC
Champion Author Raleigh

Posts:5,049
Points:1,333,445
Joined:May 2011
Message Posted: Jul 29, 2012 9:14:18 PM

Why is this still up.
Profile Pic
gilfarm
Champion Author Alabama

Posts:9,604
Points:2,623,740
Joined:Sep 2005
Message Posted: Jul 29, 2012 9:13:58 PM

Not surprised!
Profile Pic
us4usa
Champion Author Missouri

Posts:7,139
Points:1,526,020
Joined:May 2008
Message Posted: Jul 29, 2012 9:13:30 PM

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...
Profile Pic
12766
Champion Author New York

Posts:5,239
Points:2,144,760
Joined:Oct 2008
Message Posted: Jul 29, 2012 9:11:59 PM

OK
Profile Pic
2bigtanks
All-Star Author Akron

Posts:772
Points:371,610
Joined:Jun 2011
Message Posted: Jul 29, 2012 9:10:34 PM

Trouble around ever corner.
Profile Pic
N5EXY
Champion Author Austin

Posts:8,389
Points:2,195,095
Joined:Jul 2004
Message Posted: Jul 29, 2012 9:09:34 PM

Crooks. Worldwide. "The world is a bubble, trouble wherever we go." (Sam Bass)
Profile Pic
crreed1
Champion Author West Virginia

Posts:4,649
Points:3,126,495
Joined:May 2005
Message Posted: Jul 29, 2012 9:08:11 PM

old news
Profile Pic
tedjm1
Champion Author New York

Posts:5,609
Points:801,050
Joined:Dec 2006
Message Posted: Jul 29, 2012 9:06:20 PM

What else do they not try to do?

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

Posts:10,913
Points:2,588,385
Joined:Feb 2007
Message Posted: Jul 29, 2012 9:06:04 PM

So, it's not only in North America then.
Profile Pic
DrLyon
Champion Author Michigan

Posts:8,829
Points:1,835,290
Joined:May 2006
Message Posted: Jul 29, 2012 9:05:58 PM

Too bad...
Profile Pic
VetteFan
Champion Author Indiana

Posts:11,318
Points:2,409,025
Joined:Aug 2005
Message Posted: Jul 29, 2012 9:05:46 PM

Can the SEC do anything about a foreign company?
Profile Pic
jorod55
Champion Author California

Posts:4,345
Points:1,116,305
Joined:Dec 2011
Message Posted: Jul 29, 2012 9:04:43 PM

Kick them out of the stock market permanently.
Profile Pic
GigHarborHound
Champion Author Tacoma

Posts:4,033
Points:785,610
Joined:Sep 2011
Message Posted: Jul 29, 2012 9:04:03 PM

Tell me ain't so......
Profile Pic
Bigwaynef
Champion Author South Carolina

Posts:15,089
Points:2,763,570
Joined:Dec 2006
Message Posted: Jul 29, 2012 9:02:50 PM

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

Posts:10,559
Points:2,193,970
Joined:Nov 2008
Message Posted: Jul 29, 2012 9:02:41 PM

Git 'em.
Profile Pic
fenster66
Champion Author Pittsburgh

Posts:6,229
Points:1,360,390
Joined:May 2011
Message Posted: Jul 29, 2012 9:02:36 PM

ok....
Post a reply Back to Topics