FBI probing Swiss insider trading on Heinz
AFP · 20 Feb 2013, 09:38
Published: 20 Feb 2013 09:38 GMT+01:00
The FBI is examining possible insider trading in Heinz shares ahead of last week's buyout announcement, after US regulators identified suspicious trades from a Swiss account.
"We're aware of the trading anomalies the day before the announcement," Federal Bureau of Investigation spokeswoman Kelly Langmesser said on Tusday.
"And we're consulting with the SEC to see if a crime was committed."
The Securities and Exchange Commission said on Friday ihat it had identified highly suspicious Heinz trades made one day before Berkshire Hathaway and 3G Capital announced they were acquiring the condiment giant in a $28 billion deal.
The SEC said that it had obtained an emergency order to freeze a Swiss bank account suspected of use in the trades.
It said unknown traders earned $1.7 million in profits through the "irregular and highly suspicious" trades booked on Wednesday.
The SEC said it believed the traders had knowledge of the takeover ahead of the announcement early Thursday morning in New York.
Langmesser declined to say if the FBI has opened a criminal investigation into the case.
Could Montreux host the 2026 Games? Photo: Ivo Scholz/Swiss Tourism
Montreux is to put itself forward as the host city for the 2026 winter Olympics as part of a potential bid by the cantons of Valais and Vaud.
Catch a Car is aimed at short hops within a city. Photo: Catch a Car
Catch a Car, already in Basel, launches in Geneva next month.
Female employees in Switzerland earn 19.3 percent less than their male colleagues. File photo: Randy Kashka
Switzerland's gender pay gap means from today, Friday October 21st, women in the country will effectively be working for free for the rest of 2016.
Police outside the Girard-Perregaux watch store on Thursday. Photo: Bertrand Guay/AFP
The 10 Girard-Perregaux watches are worth half a million euros in total.
The victim worked in a school in Stabio, near the town of Mendrisio. Photo: Oliver Graf
The primary school teacher was found dead in Ticino earlier this week.
Designed to house 20,000 people, the bunker was built in and over two motorway tunnels. Photo: Unterirdisch Ueberleben
The Local takes a tour of the Sonnenberg bunker in Lucerne, opened 40 years ago at the height of the Cold War.
File photo: Renato Bagattini/Swiss Tourism
Skiers in Switzerland pay the highest prices for their ski passes of anywhere in Europe, according to research.
There are currently more than 30 wind farms in Switzerland. Photo: Alpiq
Wind turbines are “gigantic and destructive” machines, says Paysage Libre Suisse.
Antoni Da Campo will now carry out his military service. Photo: Antoni Da Campo
A Swiss man who was told he would not be accepted for military service because of his strict veganism has finally succeeded in making the army change its mind.
File photo: Emran Kassim
The Swiss public prosecutor has dropped the case against them.