You are currently viewing the printable version of this article, to return to the normal page, please click here.

Heinz deal under FBI, SEC fire for insider trading suspicions

- The Washington Times - Wednesday, February 20, 2013

First the SEC, now the FBI. Warren Buffett's Berkshire Hathaway fund, which bought Heinz last week for $23 billion, is under a cloud of investigation for suspicious trade deals that were tracked in the lead-up to the purchase.

The Securities and Exchange Commission, in a Feb. 15 release, said it "obtained an emergency court order to freeze assets in a Zurich, Switzerland-based trading account that was used to reap more than $1.7 million from trading in advance of [the] public announcement about the acquisition of H.J. Heinz Company."

Now the Federal Bureau of Investigation has hopped aboard, the BBC reports.

"The FBI is aware of trading anomalies the day before Heinz's announcement," an FBI spokesman said, in a BBC report. "The FBI is consulting with the SEC to determine if a crime was committed."

BBC also reports that investigators have not implicated Heinz or its new owners in a crime. The investigation so far is focused on the suspicious trade activity — not on the companies involved in the deal, BBC reports.

© Copyright 2016 The Washington Times, LLC. Click here for reprint permission.