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FBI Launches Heinz Investigation, Alongside SEC
[ by Melanie Gretchen ]
The FBI and the SEC joined forces in the investigation into possible insider trading of Heinz securities. After the SEC filed its suit - against unnamed traders - the feds now are looking into insider trading in the options of the ketchup maker before it was announced that Warren Buffett and Brazil's 3G Capital would acquire the firm.
Findings and Allegations. Last Thursday, Buffett's Berkshire Hathaway and 3G announced that they would purchase Heinz for $23 billion in cash. One day earlier, the options market displayed extremely unusual activity. The SEC filed its suit on Friday, accusing unknown traders of using a Goldman Sachs account domiciled in Switzerland to trade on purported inside knowledge of the transaction. On Tuesday, the FBI joined the Heinz prosecution.
Precedent. This is the 2nd case in 6 months where 3G was involved in a deal that allegedly involved insider trading. In the first, last September, the SEC charged a stockbroker with alleged insider trading related to 3G's 2010 purchase of Burger King.
For further details, go to [Reuters, 2/19/13].
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