The Securities and Exchange Commission plans to file civil charges against Dow Jones board director David Li, in an insider trading case linked to News Corp.'s bid for the company. As a board member, Li has access to inside information, the Wall Street Journal reports. He also has ties to a Hong Kong couple already charged with insider trading.
The couple earned millions by purchasing 415,000 shares of Dow Jones stock just two weeks before Rupert Murdoch's first offer became public. Those assets have now been frozen. The SEC has been probing unusual trading in Dow Jones stock and options in the run-up to Murdoch's $5 billion buyout offer.