More details will likely be available in a few days. The judge has ordered that the defendants have until Feb 17th to show why they should be able to access the assets in their US brokerage accounts which, according to a court filing by the SEC, contain approximately $81.5 million in cash and securities in 5 separate accounts (at one brokerage) that were allegedly controlled by one individual.
If this is REALLY just an ordinary individual with nobody behind him, makes you wonder how rich Chinese people REALLY are.
http://www.philly.com/philly/blogs/..._how_Comcast_learned_DreamWorks_for_sale.html I think before this Chinese trader is found guilty of insider trading, somebody is going to sue somebody for breach of fiduciary duties and breach of contract. It's just fishy how the lawyer for BOTH Comcast AND the bank that is dealing the M&A for Dreamworks KNOWS its client relationship and the conflict of interest that could arise from the relationship still calls up Comcast and says "btw we represent you and the bank that this BIG STUDIO is doing M&A and we have a conflict of interest." If you KNOW you have a conflict of interest, WHY would you want to create a situation that could EXACTLY result into this very conflict of interest?? LOL Meanwhile SEC still hasn't proved how this Chinese trader got this inside information about the Dreamworks deal. http://www.philly.com/philly/blogs/...ua-Michael-Yin-Dan-David-insider-trading.html This Chinese trader founded an Hong Kong-based asset management company called Summitview Capital Management Ltd. and DreamWorks was first going to be bought by the largest private investment firm PGA Asia Capital that is *gasp* also Hong Kong-based. Hong Kong, Hong Kong, and SEC cannot find the connection. Hint to SEC: Investment community is very close-knitted. People talk. The judge just extended the freezing of the accounts to give SEC to find out how and why. Oh well at least the money is not going anywhere.