1 Min Read
WASHINGTON (Reuters) - The Securities and Exchange Commission said on Friday it had frozen assets in two brokerage accounts used last week to reap more than $1 million in alleged insider trading profits in connection with a merger announcement by Liberty Interactive Corp and General Communication Inc.
The agency said in a statement the traders, currently unknown, allegedly used foreign brokerage accounts in Britain and Lebanon to purchase call option contracts through U.S.-based brokerages and on U.S.-based exchanges in the days leading up to the announcement of the acquisition.
Liberty Interactive announced a deal on April 4 that included the purchase of General Communication for $1.12 billion.
Reporting by Washington Newsroom; Editing by Chizu Nomiyama