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2 charged with insider trading in Burger King deal

January 27, 2014
Associated Press

NEW YORK (AP) — U.S. federal prosecutors are charging two Brazilian men with insider trading in connection with 3G Capital's $3.26 billion acquisition of Burger King in 2010.

The complaint says Waldyr Prado, a 43-year-old former Wells Fargo financial adviser, and Igor Cornelsen, a 65-year-old director of an investment company based in the British Virgin Islands, profited from the deal after learning about it through one of Prado's clients, an investor in 3G Capital.

Prado and Cornelsen live in Brazil and have not yet been arrested, according to the office of Preet Bharara, U.S. Attorney for the Southern District of New York.

Bharara's office did not immediately know what the next step would be in the proceedings.

The Securities and Exchange Commission has also brought civil actions against Prado and Cornelsen.



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