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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

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GasDuck Champion Author Oregon Posts:8,831 Points:2,870,745 Joined:Jun 2004	Message Posted: Aug 2, 2012 2:49:09 PM Ignore GasDuck Report Abuse 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.
honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Aug 1, 2012 7:01:20 AM Ignore honda0105 Report Abuse and that is any surprise to anyone?
SkooterG Champion Author Phoenix Posts:1,359 Points:326,335 Joined:May 2012	Message Posted: Jul 30, 2012 2:31:26 PM Ignore SkooterG Report Abuse The Chinese government being dishonest and unethical? Imagine that!
69Bonne Champion Author Gary Posts:1,130 Points:469,150 Joined:Sep 2005	Message Posted: Jul 30, 2012 12:56:21 AM Ignore 69Bonne Report Abuse I wouldn't trust them either.
JuicyQ69 All-Star Author San Bernardino Posts:634 Points:1,135,860 Joined:Apr 2009	Message Posted: Jul 30, 2012 12:53:33 AM Ignore JuicyQ69 Report Abuse Do not trust Hong Kong Fooie.
esquared Champion Author Oklahoma City Posts:8,046 Points:1,965,290 Joined:Jan 2006	Message Posted: Jul 30, 2012 12:48:15 AM Ignore esquared Report Abuse Where in the world did the SEC find the gumption to enforce the rules?!
Jeannemarie Champion Author Las Vegas Posts:27,700 Points:2,035,640 Joined:Aug 2005	Message Posted: Jul 30, 2012 12:47:23 AM Ignore Jeannemarie Report Abuse what else is new??
naiiawah Champion Author Boise Posts:2,370 Points:685,100 Joined:Mar 2011	Message Posted: Jul 30, 2012 12:46:58 AM Ignore naiiawah Report Abuse OK, great. Now when are they going after all the rest on Wall street instead of just the Chinese?
vcsuksu21 Champion Author Oklahoma City Posts:2,468 Points:703,680 Joined:Dec 2010	Message Posted: Jul 30, 2012 12:45:12 AM Ignore vcsuksu21 Report Abuse ok
jlf599 Veteran Author Kentucky Posts:339 Points:126,925 Joined:May 2012	Message Posted: Jul 30, 2012 12:43:46 AM Ignore jlf599 Report Abuse China acting in their own best interests? How odd.
unicornIL Veteran Author Chicago Posts:446 Points:381,845 Joined:Jan 2012	Message Posted: Jul 30, 2012 12:43:05 AM Ignore unicornIL Report Abuse imagine that
carman11 Champion Author North Carolina Posts:3,308 Points:686,750 Joined:Jun 2011	Message Posted: Jul 30, 2012 12:42:58 AM Ignore carman11 Report Abuse OK
Bubba44612 Champion Author Ohio Posts:7,371 Points:1,872,105 Joined:Aug 2005	Message Posted: Jul 30, 2012 12:42:18 AM Ignore Bubba44612 Report Abuse Really.
boatfloyd Champion Author Jacksonville Posts:1,698 Points:383,975 Joined:Mar 2012	Message Posted: Jul 30, 2012 12:40:18 AM Ignore boatfloyd Report Abuse I can't believe it.
jem069 Champion Author Detroit Posts:2,518 Points:683,080 Joined:Jan 2011	Message Posted: Jul 30, 2012 12:38:35 AM Ignore jem069 Report Abuse Ok
jkpsr Champion Author New Jersey Posts:4,069 Points:1,099,105 Joined:Jun 2005	Message Posted: Jul 30, 2012 12:37:00 AM Ignore jkpsr Report Abuse Your SEC in action.
Rageagainsttm Champion Author Tampa Posts:8,283 Points:1,898,980 Joined:Jul 2007	Message Posted: Jul 30, 2012 12:35:33 AM Ignore Rageagainsttm Report Abuse sure
nomad228 Champion Author Columbus Posts:3,117 Points:575,140 Joined:Feb 2011	Message Posted: Jul 30, 2012 12:30:11 AM Ignore nomad228 Report Abuse 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.
CAroadrunner101 Champion Author California Posts:1,802 Points:1,311,200 Joined:Mar 2009	Message Posted: Jul 30, 2012 12:29:45 AM Ignore CAroadrunner101 Report Abuse oops...
Chris46 Champion Author Dayton Posts:23,612 Points:2,077,340 Joined:Sep 2005	Message Posted: Jul 30, 2012 12:28:44 AM Ignore Chris46 Report Abuse Greed in Chinese, is still greed!
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Jul 30, 2012 12:26:51 AM Ignore pastorpaulcg Report Abuse Corruption knows no nationality
joel27nc Champion Author Raleigh Posts:10,512 Points:1,853,395 Joined:Mar 2008	Message Posted: Jul 30, 2012 12:26:42 AM Ignore joel27nc Report Abuse Get them!
Tigercat88 Champion Author North Carolina Posts:3,177 Points:612,865 Joined:Jul 2011	Message Posted: Jul 30, 2012 12:25:52 AM Ignore Tigercat88 Report Abuse Cheating is the China way.
TFowler513 Champion Author Memphis Posts:3,824 Points:1,409,635 Joined:Mar 2008	Message Posted: Jul 30, 2012 12:24:46 AM Ignore TFowler513 Report Abuse You know it's true. The Chinese government will do anything to achieve global domination!!!
farn1958 All-Star Author Twin Cities Posts:886 Points:183,385 Joined:Feb 2011	Message Posted: Jul 30, 2012 12:24:43 AM Ignore farn1958 Report Abuse Does it really make any difference?
grandamgt1 Champion Author Illinois Posts:2,326 Points:1,236,325 Joined:Apr 2008	Message Posted: Jul 30, 2012 12:24:15 AM Ignore grandamgt1 Report Abuse Who would have thought? China cheating?.......
chevellefan Champion Author Georgia Posts:2,703 Points:588,345 Joined:Sep 2011	Message Posted: Jul 30, 2012 12:23:41 AM Ignore chevellefan Report Abuse k
heartbroken2010 Champion Author Ottawa Posts:4,319 Points:893,335 Joined:Aug 2010	Message Posted: Jul 30, 2012 12:23:27 AM Ignore heartbroken2010 Report Abuse follow the money.
Focus2 Champion Author Illinois Posts:7,885 Points:1,917,300 Joined:Mar 2006	Message Posted: Jul 30, 2012 12:21:57 AM Ignore Focus2 Report Abuse Good luck proving that and getting it straightened out!
judgemobile Champion Author Ohio Posts:7,550 Points:2,441,135 Joined:Nov 2005	Message Posted: Jul 30, 2012 12:21:05 AM Ignore judgemobile Report Abuse the rich get richer and the greedy get greedier.
SandeeC Champion Author Ontario Posts:2,978 Points:458,580 Joined:Apr 2011	Message Posted: Jul 30, 2012 12:20:11 AM Ignore SandeeC Report Abuse Corruption everywhere
millerin Champion Author Orlando Posts:2,289 Points:476,715 Joined:Jan 2012	Message Posted: Jul 30, 2012 12:15:43 AM Ignore millerin Report Abuse hmm...
PrinceLH Champion Author Ontario Posts:2,672 Points:534,045 Joined:Jun 2011	Message Posted: Jul 30, 2012 12:14:45 AM Ignore PrinceLH Report Abuse Corrupt part of the world. Why do we trade with these swine!
Zonk Champion Author Michigan Posts:6,461 Points:2,098,015 Joined:Oct 2005	Message Posted: Jul 30, 2012 12:14:29 AM Ignore Zonk Report Abuse Sounds like Wall Street.
pepinoNC Champion Author Raleigh Posts:2,133 Points:654,640 Joined:May 2011	Message Posted: Jul 30, 2012 12:14:18 AM Ignore pepinoNC Report Abuse Why is this still up.
gilfarm Champion Author Alabama Posts:6,771 Points:1,943,865 Joined:Sep 2005	Message Posted: Jul 30, 2012 12:13:58 AM Ignore gilfarm Report Abuse Not surprised!
us4usa Champion Author Missouri Posts:5,976 Points:1,108,585 Joined:May 2008	Message Posted: Jul 30, 2012 12:13:30 AM Ignore us4usa Report Abuse 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...
12766 Champion Author New York Posts:2,423 Points:1,479,415 Joined:Oct 2008	Message Posted: Jul 30, 2012 12:11:59 AM Ignore 12766 Report Abuse OK
2bigtanks All-Star Author Akron Posts:772 Points:371,610 Joined:Jun 2011	Message Posted: Jul 30, 2012 12:10:34 AM Ignore 2bigtanks Report Abuse Trouble around ever corner.
N5EXY Champion Author Austin Posts:5,472 Points:1,505,930 Joined:Jul 2004	Message Posted: Jul 30, 2012 12:09:34 AM Ignore N5EXY Report Abuse Crooks. Worldwide. "The world is a bubble, trouble wherever we go." (Sam Bass)
crreed1 Champion Author West Virginia Posts:1,965 Points:2,522,335 Joined:May 2005	Message Posted: Jul 30, 2012 12:08:11 AM Ignore crreed1 Report Abuse old news
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Jul 30, 2012 12:06:20 AM Ignore tedjm1 Report Abuse What else do they not try to do? [Edited by: tedjm1 at 7/30/2012 12:09:47 AM EST]
mfeldstein Champion Author Ottawa Posts:8,156 Points:1,927,455 Joined:Feb 2007	Message Posted: Jul 30, 2012 12:06:04 AM Ignore mfeldstein Report Abuse So, it's not only in North America then.
DrLyon Champion Author Michigan Posts:6,630 Points:1,207,230 Joined:May 2006	Message Posted: Jul 30, 2012 12:05:58 AM Ignore DrLyon Report Abuse Too bad...
VetteFan Champion Author Indiana Posts:9,719 Points:2,024,480 Joined:Aug 2005	Message Posted: Jul 30, 2012 12:05:46 AM Ignore VetteFan Report Abuse Can the SEC do anything about a foreign company?
jorod55 Champion Author California Posts:1,455 Points:426,975 Joined:Dec 2011	Message Posted: Jul 30, 2012 12:04:43 AM Ignore jorod55 Report Abuse Kick them out of the stock market permanently.
GigHarborHound Champion Author Tacoma Posts:2,512 Points:483,515 Joined:Sep 2011	Message Posted: Jul 30, 2012 12:04:03 AM Ignore GigHarborHound Report Abuse Tell me ain't so......
Bigwaynef Champion Author South Carolina Posts:11,444 Points:2,076,760 Joined:Dec 2006	Message Posted: Jul 30, 2012 12:02:50 AM Ignore Bigwaynef Report Abuse Beware of them eyes...
1fulltank Champion Author Buffalo Posts:7,883 Points:1,540,310 Joined:Nov 2008	Message Posted: Jul 30, 2012 12:02:41 AM Ignore 1fulltank Report Abuse Git 'em.
fenster66 Champion Author Pittsburgh Posts:3,330 Points:670,090 Joined:May 2011	Message Posted: Jul 30, 2012 12:02:36 AM Ignore fenster66 Report Abuse ok....