Chinese Traders Will Pay $3.3 Million

MANHATTAN (CN) - A Chinese trader and his wife will pay $3.3 million to settle charges of illegal inside trading, the SEC said.

Ren Feng and his wife Zeng Huiyu, of Hong Kong, made $2.3 million by trading on inside information that Nexen was about to be bought by China-based CNOOC, the SEC said in a statement.

The SEC froze several accounts in Hong Kong and Singapore in July 2012 after detecting the suspicious trading. It sued Ren and Zeng then as "unidentified traders," and then identified them, the SEC said.

They bought stock in Nexen and made a killing on it, the SEC said.

In a related case on October 2012, Well Advantage agreed to pay $14.2 million to settle inside trading charges.

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit