Posts tagged 'Heinz'

The Terpins brothers, previously unknown insiders

Those seemingly clairvoyant speculators who hoovered up Heinz stock options just before Warren Buffett and 3G Capital of Brazil launched their joint $28bn bid were always going to get nabbed.

And now they have been. Rodrigo and Michel Terpins, Brazilian brothers, have agreed to pay a fine of $3m and forfeit the $1.8m they made cashing in their Heinz options — funds that were frozen in a Swiss brokerage account by the SEC immediately after the trades were noticed, even though the American regulator didn’t then know who was behind the trades. Read more

The GS Bank IC Buy Open List Options GS & Co c/o Zurich Office account mystery

There’s been a fierce and fascinating response from the SEC to evidence of clairvoyant dealings in Heinz ahead of news of the Buffett/3G Capital takeover offer. The statement is here and the full SEC complaint is here.

Following reports of unusual activity in Heinz call options on Nasdaq on Wednesday – the day before the Heinz news broke — the SEC has obtained an emergency order freezing assets in a Zurich, Switzerland-based trading account which it reckons benefited to the tune of $1.7m from the Buffett/3G bid. Read more