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The SEC said freezing the account would prevent any profits from being withdrawn and force the unknown traders to come forward.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

Doc Vega posted a blog post

The Paranormal Thanksgiving

The Paranormal Thanksgiving Chapter OneCraig Livingston had wanted to take his family on a special…See More
24 minutes ago
Doc Vega commented on tjdavis's video
Thumbnail

The Hunt - Official Trailer [HD]

"A former ANTIFA member was interviewed here recently and this would not be far from actual reality…"
Monday
Doc Vega posted blog posts
Monday
tjdavis posted videos
Monday
tjdavis posted a blog post
Monday
tjdavis posted a photo
Monday
Doc Vega posted a blog post

Legacy of Supposedly Inferior Aircraft Outmatching Their Enemies

 We think of the Korean War aerial combat as the classic dogfights between the American F-86 Sabre…See More
Saturday
Doc Vega commented on tjdavis's blog post Cities,States Without Limits
"This is just another form of a feudal globalism dictated by corporate technocrats bragging about…"
Saturday
Doc Vega favorited tjdavis's blog post Cities,States Without Limits
Saturday
Doc Vega posted a blog post

What is Area 2 and What Goes on There?

 We have all heard of Area 51 and S-4, along with such terms as Water Town, Papoose Lake,…See More
Friday
Doc Vega posted a blog post

STRANGE THINGS HAPPENING IN YELLOWSTONE

It’s not the fact that Yellowstone National Park sits atop a super volcano that hasn’t erupted in…See More
Nov 20
tjdavis posted a video

Austrian police raid house of man who leaked Israeli ambassador video making genocidal comments

In a new ITV documentary, Breaking Ranks: Inside Israel’s War, former Israeli soldiers describe how Gaza civilians were killed, often without warning, in an ...
Nov 20
Burbia posted a video

WARHAMMER 40,000 | 1980's GRIMDARK MOVIE

WARHAMMER 40,000 | 1980's GRIMDARK MOVIEThis is a Concept Movie Trailer made with the help of AI. This video is created purely for fun and out of curiosity a...
Nov 19
tjdavis favorited Sandy's discussion Sick sci-fi sex fantasy written by Epstein's first benefactor people say inspired his twisted island... before author's SON ended up arresting him
Nov 19
tjdavis favorited Sandy's discussion Sick sci-fi sex fantasy written by Epstein's first benefactor people say inspired his twisted island... before author's SON ended up arresting him
Nov 19
tjdavis commented on tjdavis's blog post THE ORIGINS OF THE WORLD ASSOCIATION OF SOCIAL PSYCHIATRY IN LONDON, UK IN 1964
"Tavistock Timing"
Nov 19
tjdavis posted a blog post
Nov 19
Doc Vega posted a blog post

The Ringside View

Down in the streets where the animals meetWhere tear gas flies and people get beatWhere…See More
Nov 19
tjdavis posted videos
Nov 18
tjdavis posted blog posts
Nov 17

© 2025   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