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News Summary: Smithfield insider trading case

The Associated Press

PIGGISH PROFIT: A Thai plastics company employee made $3.2 million by trading on inside knowledge that a takeover offer for Smithfield Foods was imminent, according to U.S. regulators.

COLD CUT: A U.S. court has frozen the American brokerage account of Badin Rungruangnavarat so the trading profits can't be transferred overseas. The SEC alleges that he cornered the market in Smithfield options and futures in the days before Smithfield's $4.7 billion takeover by a Chinese meat company.

THE DIRTY DEED: A Thai conglomerate was also considering a bid for Smithfield, and an associate director of a Thai investment bank advising it was Facebook friends with Rungruangnavarat. The banker had previously worked with Rungruangnavarat at the plastics company.