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Related: About this forumEx-BP employee accused of insider trading sold $1 million in stock after Gulf oil spill: SEC
http://www.rawstory.com/rs/2014/04/17/ex-bp-employee-accused-of-insider-trading-sold-1-million-in-stock-after-gulf-oil-spill-sec/Ex-BP employee accused of insider trading sold $1 million in stock after Gulf oil spill: SEC
By Agence France-Presse
Thursday, April 17, 2014 14:39 EDT
Regulators Thursday charged a former BP employee who worked on the Deepwater Horizon oil spill with insider trading after he sold $1 million worth of BP stock days after the disaster.
Keith Seilhan, who coordinated BPs cleanup of the giant oil spill, sold his familys entire portfolio of BP stock over two days in late April 2010 after he learned the spill was far bigger than BP was saying publicly, according to the US Securities and Exchange Commission.
Seilhan learned oil was spilling out between 52,700-62,2000 barrels per day. BP at the time estimated the flow rate to be just 5,000 barrels a day, the SEC said.
Seilhan sold his familys BP securities after he received confidential information about the severity of the spill that the public didnt know, said Daniel Hawke, head of the SEC enforcement divisions market abuse unit.
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Ex-BP employee accused of insider trading sold $1 million in stock after Gulf oil spill: SEC (Original Post)
unhappycamper
Apr 2014
OP
Demeter
(85,373 posts)1. Bless you, of course he did
after all, he wasn't the one LYING TO THE PUBLIC....
Downwinder
(12,869 posts)2. Who did not know that the 5,000 barrels a day figure was false?
LakeVermilion
(1,022 posts)3. At the minimum, he should do "Martha Stewart time."
1StrongBlackMan
(31,849 posts)4. This prosecution is a real stretch ...
Yes, Seilhan was in a special position to know the extent of the spill; but it'll be tough to make a case that his selling was based on non-public information when there was 24/7 news coverage of the spill, and a lot of the analyst/"experts" with no connection to BP were calling BS on the 5,000 b/d spill rate.