Insider trading ahead of Heinz deal
- Published: 16 Feb 2013 at 14.19
- Online news: News
NEW YORK - US federal regulators have alleged that a brokerage account in Switzerland was used for illegal insider trading ahead of the acquisition of the giant food company H.J. Heinz.
The Securities and Exchange Commission obtained a court order on Friday to freeze the account and prevent the assets from being moved.
The account was used for trades placed on Wednesday that netted $1.7 million after the deal for the well-known maker of tomato ketchup was announced.
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