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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:8,841 Points:2,872,920 Joined:Jun 2004	Message Posted: Aug 2, 2012 11:49:09 AM 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:18,599 Points:1,607,570 Joined:Nov 2008	Message Posted: Aug 1, 2012 4:01:20 AM Ignore honda0105 Report Abuse and that is any surprise to anyone?
SkooterG Champion Author Phoenix Posts:1,359 Points:328,585 Joined:May 2012	Message Posted: Jul 30, 2012 11:31:26 AM Ignore SkooterG Report Abuse The Chinese government being dishonest and unethical? Imagine that!
69Bonne Champion Author Gary Posts:1,140 Points:471,200 Joined:Sep 2005	Message Posted: Jul 29, 2012 9:56:21 PM Ignore 69Bonne Report Abuse I wouldn't trust them either.
JuicyQ69 All-Star Author San Bernardino Posts:643 Points:1,138,765 Joined:Apr 2009	Message Posted: Jul 29, 2012 9:53:33 PM Ignore JuicyQ69 Report Abuse Do not trust Hong Kong Fooie.
esquared Champion Author Oklahoma City Posts:8,057 Points:1,968,160 Joined:Jan 2006	Message Posted: Jul 29, 2012 9:48:15 PM 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 29, 2012 9:47:23 PM Ignore Jeannemarie Report Abuse what else is new??
naiiawah Champion Author Boise Posts:2,380 Points:687,900 Joined:Mar 2011	Message Posted: Jul 29, 2012 9:46:58 PM 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:705,180 Joined:Dec 2010	Message Posted: Jul 29, 2012 9:45:12 PM Ignore vcsuksu21 Report Abuse ok
jlf599 Veteran Author Kentucky Posts:339 Points:126,925 Joined:May 2012	Message Posted: Jul 29, 2012 9:43:46 PM Ignore jlf599 Report Abuse China acting in their own best interests? How odd.
unicornIL Veteran Author Chicago Posts:446 Points:383,445 Joined:Jan 2012	Message Posted: Jul 29, 2012 9:43:05 PM Ignore unicornIL Report Abuse imagine that
carman11 Champion Author North Carolina Posts:3,325 Points:689,775 Joined:Jun 2011	Message Posted: Jul 29, 2012 9:42:58 PM Ignore carman11 Report Abuse OK
Bubba44612 Champion Author Ohio Posts:7,381 Points:1,874,155 Joined:Aug 2005	Message Posted: Jul 29, 2012 9:42:18 PM Ignore Bubba44612 Report Abuse Really.
boatfloyd Champion Author Jacksonville Posts:1,708 Points:386,025 Joined:Mar 2012	Message Posted: Jul 29, 2012 9:40:18 PM Ignore boatfloyd Report Abuse I can't believe it.
jem069 Champion Author Detroit Posts:2,528 Points:685,130 Joined:Jan 2011	Message Posted: Jul 29, 2012 9:38:35 PM Ignore jem069 Report Abuse Ok
jkpsr Champion Author New Jersey Posts:4,074 Points:1,100,930 Joined:Jun 2005	Message Posted: Jul 29, 2012 9:37:00 PM Ignore jkpsr Report Abuse Your SEC in action.
Rageagainsttm Champion Author Tampa Posts:8,293 Points:1,901,030 Joined:Jul 2007	Message Posted: Jul 29, 2012 9:35:33 PM Ignore Rageagainsttm Report Abuse sure
nomad228 Champion Author Columbus Posts:3,117 Points:575,140 Joined:Feb 2011	Message Posted: Jul 29, 2012 9:30:11 PM 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:1,812 Points:1,313,250 Joined:Mar 2009	Message Posted: Jul 29, 2012 9:29:45 PM Ignore CAroadrunner101 Report Abuse oops...
Chris46 Champion Author Dayton Posts:23,649 Points:2,080,140 Joined:Sep 2005	Message Posted: Jul 29, 2012 9:28:44 PM 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 29, 2012 9:26:51 PM Ignore pastorpaulcg Report Abuse Corruption knows no nationality
joel27nc Champion Author Raleigh Posts:10,527 Points:1,856,420 Joined:Mar 2008	Message Posted: Jul 29, 2012 9:26:42 PM Ignore joel27nc Report Abuse Get them!
Tigercat88 Champion Author North Carolina Posts:3,187 Points:614,915 Joined:Jul 2011	Message Posted: Jul 29, 2012 9:25:52 PM Ignore Tigercat88 Report Abuse Cheating is the China way.
TFowler513 Champion Author Memphis Posts:3,824 Points:1,412,235 Joined:Mar 2008	Message Posted: Jul 29, 2012 9:24:46 PM 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 29, 2012 9:24:43 PM Ignore farn1958 Report Abuse Does it really make any difference?
grandamgt1 Champion Author Illinois Posts:2,331 Points:1,237,550 Joined:Apr 2008	Message Posted: Jul 29, 2012 9:24:15 PM Ignore grandamgt1 Report Abuse Who would have thought? China cheating?.......
chevellefan Champion Author Georgia Posts:2,718 Points:590,620 Joined:Sep 2011	Message Posted: Jul 29, 2012 9:23:41 PM Ignore chevellefan Report Abuse k
heartbroken2010 Champion Author Ottawa Posts:4,334 Points:895,585 Joined:Aug 2010	Message Posted: Jul 29, 2012 9:23:27 PM Ignore heartbroken2010 Report Abuse follow the money.
Focus2 Champion Author Illinois Posts:7,889 Points:1,918,255 Joined:Mar 2006	Message Posted: Jul 29, 2012 9:21:57 PM Ignore Focus2 Report Abuse Good luck proving that and getting it straightened out!
judgemobile Champion Author Ohio Posts:7,560 Points:2,443,185 Joined:Nov 2005	Message Posted: Jul 29, 2012 9:21:05 PM Ignore judgemobile Report Abuse the rich get richer and the greedy get greedier.
SandeeC Champion Author Ontario Posts:2,988 Points:459,730 Joined:Apr 2011	Message Posted: Jul 29, 2012 9:20:11 PM Ignore SandeeC Report Abuse Corruption everywhere
millerin Champion Author Orlando Posts:2,300 Points:479,415 Joined:Jan 2012	Message Posted: Jul 29, 2012 9:15:43 PM Ignore millerin Report Abuse hmm...
PrinceLH Champion Author Ontario Posts:2,682 Points:536,095 Joined:Jun 2011	Message Posted: Jul 29, 2012 9:14:45 PM Ignore PrinceLH Report Abuse Corrupt part of the world. Why do we trade with these swine!
Zonk Champion Author Michigan Posts:6,471 Points:2,100,815 Joined:Oct 2005	Message Posted: Jul 29, 2012 9:14:29 PM Ignore Zonk Report Abuse Sounds like Wall Street.
pepinoNC Champion Author Raleigh Posts:2,143 Points:656,840 Joined:May 2011	Message Posted: Jul 29, 2012 9:14:18 PM Ignore pepinoNC Report Abuse Why is this still up.
gilfarm Champion Author Alabama Posts:6,786 Points:1,946,890 Joined:Sep 2005	Message Posted: Jul 29, 2012 9:13:58 PM Ignore gilfarm Report Abuse Not surprised!
us4usa Champion Author Missouri Posts:5,978 Points:1,110,425 Joined:May 2008	Message Posted: Jul 29, 2012 9:13:30 PM 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:2,433 Points:1,481,365 Joined:Oct 2008	Message Posted: Jul 29, 2012 9:11:59 PM Ignore 12766 Report Abuse OK
2bigtanks All-Star Author Akron Posts:772 Points:371,610 Joined:Jun 2011	Message Posted: Jul 29, 2012 9:10:34 PM Ignore 2bigtanks Report Abuse Trouble around ever corner.
N5EXY Champion Author Austin Posts:5,482 Points:1,508,130 Joined:Jul 2004	Message Posted: Jul 29, 2012 9:09:34 PM Ignore N5EXY Report Abuse Crooks. Worldwide. "The world is a bubble, trouble wherever we go." (Sam Bass)
crreed1 Champion Author West Virginia Posts:1,975 Points:2,524,385 Joined:May 2005	Message Posted: Jul 29, 2012 9:08:11 PM Ignore crreed1 Report Abuse old news
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Jul 29, 2012 9:06:20 PM 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:8,161 Points:1,928,430 Joined:Feb 2007	Message Posted: Jul 29, 2012 9:06:04 PM Ignore mfeldstein Report Abuse So, it's not only in North America then.
DrLyon Champion Author Michigan Posts:6,645 Points:1,210,255 Joined:May 2006	Message Posted: Jul 29, 2012 9:05:58 PM Ignore DrLyon Report Abuse Too bad...
VetteFan Champion Author Indiana Posts:9,729 Points:2,026,530 Joined:Aug 2005	Message Posted: Jul 29, 2012 9:05:46 PM Ignore VetteFan Report Abuse Can the SEC do anything about a foreign company?
jorod55 Champion Author California Posts:1,465 Points:429,775 Joined:Dec 2011	Message Posted: Jul 29, 2012 9:04:43 PM Ignore jorod55 Report Abuse Kick them out of the stock market permanently.
GigHarborHound Champion Author Tacoma Posts:2,522 Points:485,565 Joined:Sep 2011	Message Posted: Jul 29, 2012 9:04:03 PM Ignore GigHarborHound Report Abuse Tell me ain't so......
Bigwaynef Champion Author South Carolina Posts:11,458 Points:2,078,810 Joined:Dec 2006	Message Posted: Jul 29, 2012 9:02:50 PM Ignore Bigwaynef Report Abuse Beware of them eyes...
1fulltank Champion Author Buffalo Posts:7,893 Points:1,542,360 Joined:Nov 2008	Message Posted: Jul 29, 2012 9:02:41 PM Ignore 1fulltank Report Abuse Git 'em.
fenster66 Champion Author Pittsburgh Posts:3,340 Points:672,140 Joined:May 2011	Message Posted: Jul 29, 2012 9:02:36 PM Ignore fenster66 Report Abuse ok....