Hong Kong Inside Traders Pay $14 Million

WASHINGTON (CN) – Hong Kong-based Well Advantage will pay $14.2 million to settle inside-trading charges – twice the amount of its ill-gotten gains, the SEC said Thursday.     Well Advantage loaded up on shares of Nexen stock after getting tips that China-based CNOOC was about to acquire Nexen. Well Advantage sold the shares for more than $7 million immediately after the deal was announced, the SEC said in announcing the settlement.     The SEC said in its statement: “Well Advantage is controlled by prominent Hong Kong businessman Zhang Zhi Rong, who also controls another company that has a ‘strategic cooperation agreement’ with CNOOC.     Zhang was not named as a defendant.     The settlement must be approved by a federal judge.