David Li, a former Dow Jones board member, has reached a tentative agreement with the SEC to pay $8 million to settle allegations of insider trading during last year’s takeover by News Corp., the Financial Times reports Monday.
Brooke Masters, Francisco Guerrera and Tom Mitchell wrote, “The size of Mr Li’s proposed fine is tied to the Leungs’ alleged profit, said by the SEC to be $8m, the insiders said. Negotiations to settle the probe into Mr Li were stalled for a time over the SEC’s desire to bar him from serving as a director of a US public company.
“Since Dow Jones is now part of News Corp, Mr Li does not currently sit on any US board but he absolutely refused to agree to any ban.
“Contacted by the Financial Times, Mr Li declined to comment on the matter. An SEC spokesman also declined to comment.”
Read more here.
