The SEC has frozen a Zurich account that reaped $1.7 million in deal.
Gene J. Puskar / AP Photo
That didn't take very long. One day after the announcement of the $28 billion acquisition of Heinz, the Security and Exchange Commission believes it has identified traders who may have tried to profit from inside information. The SEC obtained an order freezing a Zurich-based account in which regulators detected unusual trading in Heinz options just before the surprising deal was announced. The account showed $1.7 milion in gains. In recent years, regulators like the SEC have used information technology to track and discipline rogue traders.
