Quantcast


Last updated: October 10. 2013 12:41PM - 193 Views
Associated Press



Story Tools:

Font Size:

Social Media:

(AP) Two Brazilian brothers agreed to pay $4.8 million to settle federal civil charges of insider trading ahead of the announcement of a plan to acquire H.J. Heinz Co. by Warren Buffett's Berkshire Hathaway and a private equity firm.


The Securities and Exchange Commission announced the settlement with Michel and Rodrigo Terpins Thursday. The agency alleged in a lawsuit that they used confidential information about the Heinz deal to buy options on Heinz stock and reap a profit of $1.8 million afterward.


The Terpins agreed to pay $3 million in penalties and return the $1.8 million in alleged illegal profits. They neither admitted nor denied wrongdoing.


The deal to acquire the ketchup maker for $23.3 billion was announced Feb. 14, sending its shares up 20 percent to close at $72.50.


Associated Press
Comments
comments powered by Disqus



Featured Businesses


Poll



Info Minute



Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com