The Securities and Exchange Commission charged a former 20-year veteran of BP with insider trading during the immediate aftermath of the Deepwater Horizon rig explosion and subsequent oil spill, alleging the employee avoided more than $100,000 in losses as BP’s share price dropped by nearly 50% as news of the spill’s magnitude emerged.  Keith A. Seilhan, a senior responder for BP during the Deepwater Horizon oil spill, agreed to settle claims that he violated federal securities laws by selling his family’s entire $1 million portfolio of BP securities after he learned that the public estimations of the spill’s magnitude were grossly understated.  Without admitting or denying the allegations, Seilhan agreed to pay (i) $105,409 of ill-gotten gains; (ii) $13,300 in prejudgment interest; and (iii) a civil penalty of $105,409.

 

Source:

http://www.forbes.com/sites/jordanmaglich/2014/04/17/sec-accuses-former-bp-employee-of-insider-trading-during-deepwater-horizon-spill/

 

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