Swiss insider trading suspected in Heinz deal

 Updated: 16 Feb 2013 11:03 GMT+01:00

US stock market regulators secured an emergency court order on Friday to freeze a Swiss bank account that they suspect was used for insider trading in connection with the takeover of HJ Heinz by Berkshire Hathaway-3G Capital.

The Securities and Exchange Commission (SEC) 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.

The SEC said it believed the traders had knowledge of the takeover ahead of the announcement early Thursday morning in New York.

The trades were "a serious red flag that traders may be improperly acting on confidential nonpublic information," said SEC enforcement official Daniel Hawke in a statement.

The acquisition announcement sent Heinz shares up nearly 20 percent from $60.8 per share to $72.50, the takeover offer price.

The value of the specific call options traded from the Swiss account jumped 1,700 percent in the same time frame, the SEC said.

Among the red flags cited by the SEC: the Swiss account had engaged in no trading of Heinz securities since September 1, 2012.

The SEC said freezing the account would prevent any profits from being withdrawn and force the unknown traders to come forward.

"Despite the obvious logistical challenges of investigating trades involving offshore accounts, we moved swiftly to locate and freeze the assets of these suspicious traders," said Sanjay Wadhwa, senior associate director of the SEC's New York regional office in a statement.

The traders "now have to make an appearance in court to explain their trading if they want their assets unfrozen."

: 16 Feb 2013 11:03 GMT+01:00
 

US stock market regulators secured an emergency court order on Friday to freeze a Swiss bank account that they suspect was used for insider trading in connection with the takeover of HJ Heinz by Berkshire Hathaway-3G Capital.

The Securities and Exchange Commission (SEC) 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.

The SEC said it believed the traders had knowledge of the takeover ahead of the announcement early Thursday morning in New York.

The trades were "a serious red flag that traders may be improperly acting on confidential nonpublic information," said SEC enforcement official Daniel Hawke in a statement.

The acquisition announcement sent Heinz shares up nearly 20 percent from $60.8 per share to $72.50, the takeover offer price.

The value of the specific call options traded from the Swiss account jumped 1,700 percent in the same time frame, the SEC said.

Among the red flags cited by the SEC: the Swiss account had engaged in no trading of Heinz securities since September 1, 2012.

The SEC said freezing the account would prevent any profits from being withdrawn and force the unknown traders to come forward.

"Despite the obvious logistical challenges of investigating trades involving offshore accounts, we moved swiftly to locate and freeze the assets of these suspicious traders," said Sanjay Wadhwa, senior associate director of the SEC's New York regional office in a statement.

The traders "now have to make an appearance in court to explain their trading if they want their assets unfrozen."

Views: 87

Reply to This

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Sandy posted a discussion
25 minutes ago
Doc Vega commented on Burbia's blog post How much money makes anyone have a god complex?
"I seriously doubt Trump has a God complex as he is merely treying to save this country, but people…"
2 hours ago
Doc Vega posted photos
2 hours ago
Sandy posted videos
11 hours ago
Doc Vega posted a blog post

Project Twinkle and an Incident at Holloman Air Force Base

    I didn’t think it would happen as soon as it did, but it did! I got the call and a black…See More
23 hours ago
Less Prone posted a video

A teacher exposes the LGBT agenda coming into in elementary schools

At the Teens4Truth Conference at the Southwestern Baptist Theological Seminary, Nov.18, 2017. A teacher warns that parents have no idea how bad it is, and ev...
Sunday
Less Prone commented on Doc Vega's photo
Thumbnail

main-qimg-c0f46f334984bf2d4642651a38db08ca

"This is sick. What about learning something useful like, reading, mathematics, literature, science…"
Sunday
Burbia posted a blog post

How much money makes anyone have a god complex?

Trump makes a meme of himself as Jesus Christ. Soros says he fancied himself a sort of god.In 2004,…See More
Sunday
Sandy posted a photo
Saturday
Doc Vega posted a photo

main-qimg-c0f46f334984bf2d4642651a38db08ca

Hate children< then put them in a classroom where Lebians teach them how to use dildos, where…
Friday
Doc Vega commented on Doc Vega's blog post Why Was The TV Show “The Outer Limits” Such a Threat?
"Gordon thanks for your support."
Thursday
Doc Vega posted a blog post

What If origins on Our Planet are Different Than we Think?

 For a long time now there has been a theory that would fit into both creationism and the simulated…See More
Thursday
honeygirl posted a video

All Bases Erased, Air Defense Shattered ! Iranian Missiles Massacre U.S. FORCES | Douglas Macgregor

Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.
Thursday
Less Prone favorited Sandy's video
Thursday
Less Prone favorited Doc Vega's blog post The Escape
Thursday
Less Prone posted a photo

Same Package - Different Label

This way or that way, we get to the same place. It's time to take another road.
Thursday
Less Prone favorited Sandy's video
Thursday
agen Dadu is now a member of 12160 Social Network
Thursday
Less Prone commented on tjdavis's photo
Thumbnail

TRIVIA OF THE DAY Kier means “Penis” in Persian

"Nomen est omen. A political dick destroying his own country."
Thursday
tjdavis's blog post was featured
Thursday

© 2026   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted