Deals
SEC Says Trader Made $29 Million Illegally From DreamWorks Deal
- Chinese man said to use multiple accounts in insider scheme
- Regulator wins freeze on assets held in brokerage accounts
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U.S. regulators froze brokerage accounts holding more than $29 million in what they say are illegal profits reaped by a Chinese national accused of insider trading ahead of Comcast Corp.’s April 2016 announcement that it planned to take over DreamWorks Animation.
Shaohua “Michael” Yin bought $56 million in DreamWorks stock in the weeks before Comcast revealed its plans, using five accounts including one belonging to his elderly parents, the Securities and Exchange Commission said Friday. The shares were sold after DreamWorks rose 47 percent between April 26, when news of the takeover was first reported, and April 28, when it was formally announced, the SEC said.