Freezing Assets of Insider Trading Rings

[Guest ValueCarl]

Nice work on behalf of the SEC here capturing these money launderers. Hopefully, one of the perpetrators hasn't fled the US to China, yet, as it may be difficult to find him there.

 

http://finance.yahoo.com/news/SEC-freezes-assets-in-insider-rb-2336484462.html;_ylt=Aho75pvPvtk2ZTawW8skkl67YWsA;_ylu=X3oDMTE1bjNrZW5vBHBvcwM1BHNlYwN0b3BTdG9yaWVzBHNsawNzZWNmcmVlemVzYXM-?x=0&sec=topStories&pos=2&asset=&ccode=

 

WASHINGTON (Reuters) - U.S. securities regulators said they froze bank accounts containing more than $800,000 in illegal profits after a manager at Seattle Genetics. gave his relative confidential information about drug trial results.

 

The Securities and Exchange Commission complaint, which was filed January 19 and unsealed on Friday, says that Seattle Genetics Manager Zizhong (James) Fan told his relative Zishen (Brandon) Fan about positive trial results in the development of a drug used to treat Hodgkin's lymphoma.

 

The SEC said Zishen spent hundreds of thousands of dollars buying speculative stock options and common stock in the company. The stock value rose 18 percent when the news about the drug trial was made public in late September, the SEC said.

 

The SEC said it contacted the men on January 13. Shortly afterward, it said Zishen tried to wire several hundred thousand dollars to a bank in China. Zizhong told Seattle Genetics he had to leave for a trip to China, the SEC said. The SEC did not say if he left the United States, and did not specify their family relationship.

 

Zizhong denied being related to or knowing Zishen, and Zishen denied knowing anyone at Seattle Genetics, the SEC said.

[Guest ValueCarl]

Once thought to be the Asian Bill Gates of T.V., this genius and patent terrorist remains on the loose while taking a healthy individual amount of US GDP with him. I always believed that Murdoch, maybe Malone, too, set him up. Too bad authorities couldn't get the money from Murdoch's behind. My friend Brker_guy will remember this "T.V. Guy!"

 

 

But Some would say that dear Henry was a rather slippery fellow.  Litigation erupted between Henry and News Corp (Rupert Murdoch), who owned 41% of Gemstar by this time.  It seems Henry had been known as a “patent terrorist” for his willingness to sue potential partners to protect his patents.  Henry was finally ousted from Gemstar by Murdoch.  News Corporation’s involvement with Mr. Yuen resulted in 2002 in a $6 billion write-down.  Henry Yuen was also found guilty of accounting fraud in a civil suit brought by the SEC.  Now Henry has been charged by the Justice Department with obstruction of justice.  But it seems that Henry is out of the country, with over $150 million of his cash having been moved to offshore accounts, and it doesn’t look like he intends to pay the $22.3 million judgement against him in the SEC civil suit.

 

http://wbmsat.com/talkingsatellite/?m=200805