Hedge Fund News From HedgeCo.Net


Trader’s Assets Frozen by U.S. Court After Smithfield Deal

Reuters – U.S. regulators have obtained a court order freezing the assets of a Thailand-based trader, saying he reaped $3.2 million in illegal profits after getting a tip ahead of the announcement that a Chinese meat company was buying Smithfield Foods Inc.

The Securities and Exchange Commission said on Thursday [June 6] that Badin Rungruangnavarat, 30, may have received the tip from a Facebook friend who once worked for Mr. Rungruangnavarat’s current employer. The agency said the friend is an associate director at a Thai investment bank that was advising a Shuanghui rival, Charoen Pokphand Foods Plc, which was also exploring a bid for Smithfield.

Read Complete Article

Related Posts Plugin for WordPress, Blogger...
This entry was posted in Syndicated. Bookmark the permalink.

Leave a Reply