US securities regulators on Friday accused a Chinese private-equity firm partner of engineering an insider-trading scheme that reaped $29 million through buying shares of DreamWorks Animation before it was acquired by Comcast, The Wall Street Journal reports. The Securities and Exchange Commission said it obtained a court order freezing brokerage accounts used by Shaohua “Michael” Yin, a Chinese citizen and graduate of the University of Pennsylvania’s Wharton School who works at Hong Kong-based Summitview Capital Management Ltd. The SEC also sued five other people, including Mr. Yin’s parents, who it said owned those accounts and were unjustly enriched by the operation. A press release issued by the SEC on Friday said there was no known defense counsel for Mr. Yin, who didn’t immediately return an email seeking comment.
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