SEC Obtains Emergency Asset Freeze of Account Used in Insider Trading Ahead of Heinz Acquisition

Securities Enforcement Blog

SEC v. Certain Unknown Traders in the Securities of H.J Heinz Company (S.D.N.Y.).  On February 15, 2013, the SEC announced that it obtained an emergency court order to freeze assets in a Zurich, Switzerland-based trading account that was used to obtain more than $1.7 million from trading in advance of the February 14, 2013 public announcement about the acquisition of H.J. Heinz Company.  According to the SEC, before any public information was available that Berkshire Hathaway and 3G Capital had agreed to buy H.J. Heinz Company in a $28 billion deal, unknown traders bought call options the day before the public announcement. 

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