SEC alleges Swiss insider trading on Heinz buyout
- Published: 16 Feb 2013 at 06.44
- Online news: World
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.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.
