Heinz deal sparks SEC insider trading probe
February 15th, 2013
06:06 PM ET

Heinz deal sparks SEC insider trading probe

Someone profited handsomely by buying Heinz options the day before a group announced plans to buy the company, and the Securities and Exchange Commission is suspicious.

The SEC said Friday that it had obtained a court order to freeze assets in a Swiss trading account, questioning profits made ahead of the announcement of H.J. Heinz Co.'s $28 billion acquisition by a group including Warren Buffett's Berkshire Hathaway.

The SEC said "unknown" traders using the account had purchased options the day before the announcement and reaped $1.7 million when the Heinz deal was revealed on Thursday.

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Filed under: Business • Economy
soundoff (4 Responses)
  1. Rascal Rabble

    ...somebody need to get off their beheinz and get to the bottom of this...

    February 15, 2013 at 6:39 pm | Report abuse |
  2. Heymann

    Would you like fries with that?

    February 15, 2013 at 8:19 pm | Report abuse |
  3. chrissy

    Lol @ Rascal, good one!

    February 15, 2013 at 8:23 pm | Report abuse |
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    February 25, 2013 at 3:08 pm | Report abuse |