ARNOLD F. SOCK, Attorney At Law, Opines On: The U.S. Securities and Exchange Commission Sues Over $3,800,000 In Insider Trades On Smithfield Merger (U.S. Disrict Court for Illinios Norther District Securities And Exchange Commission v. Rungruangnavarat (1:18-cv-03196))
The U.S. Securities and Exchange Commission accused a Thai national of using insider knowledge of Smithfield Foods Inc.'s 2013 sale to a Chinese food company to reap $3.8 million in trading profits in a complaint filed in Illinois federal court Friday (U.S. Disrict Court for Illinios Norther District Securities And Exchange Commission v. Rungruangnavarat (1:18-cv-03196)).
Bovorn Rungruangnavarat, 38, of Bangkok, allegedly teamed up with his brother Badin to buy thousands of shares of Smithfield stock, call options, and futures contracts after learning about the looming merger from a friend who worked at an investment bank, according to the complaint.Trading on tips and insider information must be prosectuted when discovered. Opinion by ARNOLD F. SOCK, Attorney at Law.