SEC Alleges Insider Trading On $7B Smithfield Buy

Law360, New York (June 6, 2013, 12:50 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday sued and froze the assets of a Thailand-based trader who allegedly made more than $3 million by trading on inside information ahead of Smithfield Foods Inc.'s proposed $7.1 billion sale to a Chinese meat company.

The SEC launched a complaint in Illinois federal court alleging Badin Rungruangnavarat, a resident of Bangkok, purchased thousands of Smithfield call options and single-stock futures contracts between May 21 and May 28 after receiving inside information about the potential deal. According to the...
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