Investment Firms Pay $11M For SEC Insider Trading Charges

Law360, Los Angeles (January 27, 2014, 10:52 PM EST) -- Two investment firms agreed Monday to pay $10.9 million to settle charges from the U.S. Securities and Exchange Commission that they had engaged in insider trading in anticipation of the July 2012 merger of CNOOC Ltd. and Nexen Inc.

CITIC Securities International Investment Management Ltd. and China Shenghai Investment Management Ltd. agreed in separate deals to pay a total of $10.9 million in disgorgements and civil penalties, giving up their alleged gains from trades made ahead of the merger, according to several court filings Monday....
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