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Tuesday, June 18, 2024 | Back issues
Courthouse News Service Courthouse News Service

SEC Whacks Dow Jones Board Member

WASHINGTON - A member of the board of Dow Jones & Co. and three cohorts will pay $24 million for trading on inside information that News Corp. was buying Dow Jones, the SEC said Tuesday.Dow Jones board member David Li Kwok Po, who also is CEO of the Bank of East Asia and a member of Hong Kong's Legislative Counsel and Executive Committee, tipped his friend Michael Leung Kai Hung, who, with his daughter and son-in-law, bought $15 million of Dow Jones securities before the buyout offer was announced. The SEC said it froze their accounts before they profited from the jump in stock price.

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