The US SEC has warned David Li, a Hong Kong banking magnate and Dow Jones board member, that it will recommend filing civil insider trading charges against him. It is understood that Mr Li has received a “Wells notice”, which formally notifies him of the proposed charges and offers his lawyers an opportunity to present arguments. The investigation stems from unusual trading in Dow Jones stock before the May 1 news that Rupert Murdoch’s News Corp planned to offer $60 per share for the company, and follows SEC insider trading charges against a married couple over the deal.

This entry was posted by Gwen Robinson on Thursday, July 19th, 2007 at 5:40 and is filed under Capital markets, M&A. Tagged with David Li, dow jones, news corp. Edit this entry.