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U.s. Regulator Freezes Chinese Executive's Assets Over 'suspicious' Qihoo Trades

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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A sign advertising the Qihoo 360 Technology Co Ltd is hung with the U.S. and Chinese flags outside of the New York Stock ExchangeBy Michelle Price and Deena YAO HONG KONG (Reuters) - The U.S. securities regulator has obtained a court order to freeze the assets of a Chinese online gaming CEO over what it described as "suspicious" trading activity ahead of a $10 billion deal by U.S.-listed Qihoo 360 Technology Co Ltd. In a statement on Tuesday, the Securities and Exchange Commission (SEC) said Guangzhou resident Luo Haijian made more than $1 million trading options in Qihoo ahead of the news last week that the Chinese tech company had received a buyout offer at a 16.6 percent premium to its June 16 closing price. In a New York court filing, the SEC says 33-year old Luo, who is the chief executive of 4399 Co Ltd, bet Qihoo's stock price would rise in the short term by purchasing $700,000 of "out of the money" call options through a U.S. brokerage account prior to the buyout announcement.




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