SEC Sues Traders Over Heinz Insider-Trading Allegations, Freezes Swiss Bank Account

The Securities and Exchange Commission has filed a civil enforcement action against several traders suspected of booking nearly $2 million in profits from advanced knowledge of yesterday’s announcement that Warren Buffett’s Berkshire Hathaway would acquire H.J. Heinz Co. for $23.2 billion.  Forbes reported yesterday on suspicious options trading data that showed a surge in the purchase of June $65 calls that dwarfed the average trading volume.  According to Marketwatch, the SEC believes that multiple individuals were involved in the trading, and an emergency court order has been obtained freezing assets in a Zurich, Switzerland account.

http://www.forbes.com/sites/jordanmaglich/2013/02/15/breaking-sec-sues-traders-over-heinz-insider-trading-allegations-freezes-swiss-bank-account/