Chinese investor charged by SEC with insider trading in DreamWorks deal
Feb. 11 (UPI) -- The Securities and Exchange Commission charged a Chinese investor with insider trading in Comcast's acquisition of DreamWorks Animation.
United States regulators froze brokerage accounts used by Shaohua "Michael" Yin that contained $29 million in profits he allegedly gained by illegally trading DreamWorks shares.
According to the lawsuit, Yin, 44, bought $56 million in DreamWorks stock using five brokerage accounts in the weeks before Comcast announced its plans to take over the animation studio.
The shares were then sold after DreamWorks stock rose 47 percent between April 26, when news of the takeover was first reported, and April 28 when it was formally announced.
Read more: http://www.upi.com/Top_News/US/2017/02/11/Chinese-investor-charged-by-SEC-with-insider-trading-in-DreamWorks-deal/3791486841081/
