SEC alleges Swiss insider trading on Heinz buyout | Bangkok Post: news

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SEC alleges Swiss insider trading on Heinz buyout

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US regulators Friday obtained an emergency court order to freeze a Swiss bank account they suspect was used for insider trading ahead the Berkshire Hathaway-3G Capital buyout of HJ Heinz. 

Bottles of Heinz ketchup are displayed on a shelf at Bryan's Market on February 14, 2013 in San Francisco, California. US regulators Friday obtained an emergency court order to freeze a Swiss bank account they suspect was used for insider trading ahead the Berkshire Hathaway-3G Capital buyout of HJ Heinz.

The Securities and Exchange Commission said unknown traders earned $1.7 million in profits through "irregular and highly suspicious" options trades on Heinz shares booked on Wednesday, one day before the announcement that Berkshire and 3G were acquiring Heinz in a $28 billion deal.

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