Linus Unah – Fourth Estate Contributor
Washington, D.C., United States (4E) – The U.S. Securities and Exchange Commission (SEC) has charged a Kingston, Pennsylvania man with insider trading.
The SEC said Todd David Alpert, who worked as a security professional at the home of a Heinz board member until July 2015, traded in the securities of H.J. Heinz Company in advance of the February 14, 2013 announcement that Heinz would be acquired by Berkshire Hathaway, Inc. and 3G Capital Partners Ltd.
The SEC’s complaint, filed in a federal court in New York City, alleged that Mr. Alpert misappropriated material nonpublic information by purchasing Heinz stock and options before the deal was made public.
The complaint specifically alleged that shortly after learning about the potential deal, Alpert breached a duty of trust and confidence by purchasing 1,000 shares of Heinz stock and 30 call options.
The morning that the deal was announced, Alpert allegedly sold these Heinz securities for total profits of nearly $44,000.
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