Badin Rungruangnavarat knows what we're talking about.
Regulators have obtained a court order freezing the assets of a Thailand-based trader, saying he reaped $3.2 million in illegal profits after getting a tip ahead of the announcement that a Chinese meat company was buying Smithfield Foods Inc.
The Securities and Exchange Commission said on Thursday that Badin Rungruangnavarat, 30, may have received the tip from a Facebook friend who once worked for Rungruangnavarat's current employer….
The SEC said Rungruangnavarat reaped $3.2 million in profits by trading Smithfield "out of the money" call options and single-stock futures in an account at Interactive Brokers LLC shortly before the announcement.
"Rungruangnavarat essentially cornered the market in Smithfield call options and futures contracts," the SEC said in the complaint….
The SEC's complaint was filed under seal in U.S. district court in Illinois on Wednesday. The agency said Rungruangnavarat, who works for a plastics company in Bangkok, has no known defense counsel at this time.
Trader assets frozen by U.S. court after Smithfield deal [Reuters via Chicago Tribune]