SEC says Chinese firm illegal traded on oil deal

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Associated Press

Posted on July 27, 2012 at 6:01 PM

Updated Saturday, Jul 28 at 9:01 AM

NEW YORK (AP) — The Securities and Exchange Commission says it got a court order to freeze assets of Hong Kong traders who bought stock in a Canadian company before a firm owned by the Chinese government announced plans to buy it this week.

The SEC said Friday that Well Advantage Limited and other traders allegedly bought shares in the Canadian oil and gas company Nexen Inc. based on inside information. China's CNOOC announced plans to buy Nexen on Monday for $15.1 billion.

The SEC said it moved to freeze the assets shortly after Well Advantage tried to sell all of its Nexen stock.

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