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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.