A Thai-based trader made a $3.2m profit by buying securities of Smithfield Foods days before the US pork producer announced its takeover by China’s Shuanghui International, US regulators alleged yesterday.
The Securities and Exchange Commission filed civil securities fraud charges against Badin Rungruangnavarat, a resident of Bangkok, for allegedly placing orders for call options, single-stock futures and Smithfield stock after possibly being tipped off by a Facebook friend the week before the $4.7bn merger was unveiled on May 29.
Smithfield stock rose 25 per cent, generating a 3,400 per cent profit on Mr Rungruangnavarat’s trades, the SEC alleges.
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