A Dow Jones board member could face civil charges in a U.S. Securities and Exchange Commission investigation of insider trading linked to News Corp.'s bid for the company.

David Li is chairman and chief executive of the Bank of East Asia. The bank received a “Wells notice,” about Li. The notice indicates the U.S. Securities and Exchange Commission is considering the recommendation to take action against him.

The SEC and the attorney general of New York State have been looking into suspicious trading of Dow Jones stock and options prior to the company's announcement it had received a $60 per share buyout offer from Rupert Murdoch's News Corp. May 1.

In a statement from the bank, Li denies any wrong-doing, stating that “if the commission does commence proceedings against me, I will defend myself vigorously.”