Why didn't the Wongs buy options?
- Thread starter demoship
- Start date
By Eric Dash and Andrew Ross Sorkin
May 10, 2007
FEDERAL regulators are expected to examine the role of a Dow Jones director in the possible leak of confidential information to a Hong Kong couple, who were accused yesterday of making millions of dollars from insider trading shortly before news of Rupert Murdoch's takeover offer.
http://www.smh.com.au/news/business/insider-trading-investigation/2007/05/09/1178390393914.html
May 10, 2007
FEDERAL regulators are expected to examine the role of a Dow Jones director in the possible leak of confidential information to a Hong Kong couple, who were accused yesterday of making millions of dollars from insider trading shortly before news of Rupert Murdoch's takeover offer.
http://www.smh.com.au/news/business/insider-trading-investigation/2007/05/09/1178390393914.html
Quote from Jaxon:
Their original plan was to buy 1000 call options but there was a misunderstanding and the trade did not go through. The branch manager, when asked who had placed the large order was told, "That would be Wong," so the order was canceled.........................(rimshot)
Classic....Nice....Very Nice!
The order almost never went through because the broker got the ticket and yelled into the Squawk "We have a Wong order for 100,000 shares of Dow!"
For a few minutes everyone thought the broker was just calling out a mistake.....
More confusion was caused when the floor manager answered back "What is Wong with it?
- Nothing is Wong with it?
--But you said it is a Wong order right?
- Yes it is.
-- Then what is Wong, the buyer or the share amount?
- The share amount is 100,000 and the buyer's name is Wong
-- Ok I see now, so the buyer's name is Wong?
- Yes
-- Well then what is the buyer's name?
- No not What, the buyer's name is Wong.
-- Ok, look.. you have a buyer?
- Yes
-- and the buyer's name is...?
- Wong
-- How do you know it is Wong?
- Caused I read it Wong on the ticket?
-- Why did you read it Wong on the ticket?
- cause it was written Wong.
-- Well if it is written Wong you must know who is the right name?
- No! Not Hu... Wong.
-- Hu is Wong?
- Yes, Hu is Wong, Wong is Right.
-- You're fired....
For a few minutes everyone thought the broker was just calling out a mistake.....
More confusion was caused when the floor manager answered back "What is Wong with it?
- Nothing is Wong with it?
--But you said it is a Wong order right?
- Yes it is.
-- Then what is Wong, the buyer or the share amount?
- The share amount is 100,000 and the buyer's name is Wong
-- Ok I see now, so the buyer's name is Wong?
- Yes
-- Well then what is the buyer's name?
- No not What, the buyer's name is Wong.
-- Ok, look.. you have a buyer?
- Yes
-- and the buyer's name is...?
- Wong
-- How do you know it is Wong?
- Caused I read it Wong on the ticket?
-- Why did you read it Wong on the ticket?
- cause it was written Wong.
-- Well if it is written Wong you must know who is the right name?
- No! Not Hu... Wong.
-- Hu is Wong?
- Yes, Hu is Wong, Wong is Right.
-- You're fired....
Stupid question, but can the us criminally charge a non citizen for breaking us laws when not on us soil? Hypothetically, what if the stock was bought on a foreign exchange? (Don't know if they were or not?) Only connection to the us would be the broker.