Stock Trader Says SEC Off-Base with Allegations in Lawsuit

(Beijing) – A Chinese stock trader who has been sued by the U.S. Securities and Exchange Commission (SEC) over insider trading says the charges are mistaken because the person he is accused of dealing with is not a cousin, as the U.S. regulator alleges.

The SEC said in a statement on November 10 that it filed a lawsuit in a court in the Southern District of New York. The suit alleges that Liu Yannan, a former employee of the private equity firm TPG, provided a cousin with "non-public information about the acquisitions of two health care companies."