SEC Freezes $38M In Assets Of Accused Nexen Insider Traders

Law360, New York (July 27, 2012, 10:59 PM EDT) -- The U.S. Securities and Exchange Commission on Friday got the OK to freeze $38 million in assets belonging to traders who allegedly netted more than $13 million through insider trades based on China National Offshore Oil Co. Ltd.’s announcement of its plans to buy Canada-based Nexen Inc.

The agency said it had secured an emergency court order to freeze the accounts of traders including Hong Kong-based firm Well Advantage Ltd., run by Hong Kong businessman Zhang Zhi Rong, who has links to CNOOC.

In complaint filed...
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