Chinese Firm Pays $14M To Settle Nexen Insider Trading Suit

Law360, New York (October 18, 2012, 4:33 PM EDT) -- A Chinese firm has agreed to pay $14 million to settle a U.S. Securities and Exchange Commission suit alleging it traded on inside information about China National Offshore Oil Co. Ltd.’s proposal to buy Canada-based Nexen Inc., the agency said Thursday.

The settlement is double what Well Advantage Ltd. made in profits on the insider trades, the SEC said. The agency announced July 27 that it had won an emergency order in New York federal court to freeze $38 million in assets in the accounts of...
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