News Brief 2/16/2013, Adar 6, 5773
Accounts Frozen Amid Insider Trading in Heinz Buyout
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, AFP reported.
The SEC said it believed the traders had knowledge of the takeover ahead of the announcement early Thursday.