Dow Jones Insider Trading Case - Is Wongs Guilty?

Date September 24, 2007

Kan King Wong and Charlotte Ka On Wong Leung in April this year had accumulated shares of Dow Jones & Co. worth $15 million over a period of 18 days. Later in the first week of May, news of News Corp. Chairman Rupert Murdoch approaching the board of Dow Jones (in which David Li, a friend of Wongs was a member) with an offer to acquire Dow Jones. SEC feels, the Wong couple had bought stock in Dow Jones based on a tip off from David Li about the News Corp. offer. As soon as the news of News Corp’s interest in Dow Jones was made public, the shares of Dow Jones zoomed by over 55%.

Category Posted in Stock Market Scams