The Securities and Exchange Commission announced the settlement today with Badin Rungruangnavarat, an employee of a Thai plastics company. The SEC accused him in June of making USD 3.2 million in illegal profits by using knowledge of the proposed Smithfield takeover before it was announced publicly on May 29.
The agency says the man bought options and futures contracts on Smithfield stock in the week preceding the announcement and reaped a profit when the stock price rose afterward.
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