Bloomberg News

Traders Illicitly Dealt Nexen Stock in HK, Singapore: SEC

July 27, 2012

The U.S. Securities and Exchange Commission said it obtained an emergency court order to freeze the assets of traders using Hong Kong and Singapore accounts to reap more than $13 million in illegal profits by trading in advance of the announcement that Cnooc Ltd. agreed to acquire Nexen Inc. (NXY)

Hong Kong-based firm Well Advantage Ltd. and other unknown traders stockpiled shares of Nexen stock based on confidential information about the deal, the SEC claimed in an e-mailed statement.

To contact the editor responsible for this story: Greg Chang at gchang1@bloomberg.net


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