SEC Freezes Assets in Insider Probe of CNOOC’s Nexen Buy
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The U.S. Securities and Exchange Commission obtained a court order to freeze assets of traders who allegedly reaped more than $13 million by trading illegally ahead of CNOOC Ltd.’s announcement that it would buy Nexen Inc.
Hong Kong-based Well Advantage Limited and other unknown traders stockpiled shares of Nexen based on confidential information about the deal, the SEC said in a statement today announcing a complaint filed at federal court in Manhattan. The court order froze about $38 million in assets, the SEC said.