Swiss account frozen in probe over Heinz trades

• Published February 23, 2013 Modified February 22, 2013

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A federal judge froze a Swiss account that the Securities and Exchange Commission says was used to carry out suspicious trades in H.J. Heinz Co. shares shortly before the takeover of the ketchup maker was announced.

After the traders failed to appear at a hearing Friday in Manhattan, U.S. District Judge Jed Rakoff agreed to freeze the Goldman Sachs account until the case is resolved. The SEC on Feb. 15 sued the “unknown” traders over suspicious purchases of Heinz options through the account.

The trades at issue came a day before Warren Buffett’s Berkshire Hathaway Inc. and 3G Capital Inc. announced the $23 billion takeover of Pittsburgh-based Heinz, the agency said in its complaint.

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