Posted Jul 19, 2007 04:29 pm CDT
The Wall Street Journal is reporting that a member of the newspaper’s corporate board has been notified he will likely be sued by the Securities and Exchange Commission.
David Li, a Dow Jones & Co. board member, has received a “Wells notice” informing him that the SEC plans to file civil charges in connection with an insider trading investigation, the newspaper (sub. req.) reports. The notice gives the target a last chance to persuade the agency to change course.
Li is friends with Hong Kong businessman Michael Leung Kai Hung, whose daughter and son-in-law bought Dow Jones stock two weeks before Rupert Murdoch’s News Corp. offered to buy the company.
Li, chairman and chief executive of Bank of East Asia Ltd., says he has not broken the law.