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Oil Spill

Ex-BP Employee Charged With Insider Trading During Spill

A former employee of BP was charged with insider trading during the Deepwater Horizon oil spill by the Securities and Exchange Commission. Keith Seilhan, who was coordinating BP's oil collection and clean-up operations, allegedly directed the sale of his family's entire $1 million BP portfolio in late April 2010, when Seilhan had knowledge the magnitude of the oil spill was likely to be greater than the flow rate of 5,000 barrels of oil a day that was estimated by the company, the SEC said. The flow rate was later estimated to be between 52,700 and 62,200 barrels of oil a day. Without admitting or denying the allegations, Seilhan agreed to return $105,409 of alleged ill-gotten gains and $13,300 of prejudgment interest and pay a $105,409 penalty.Copyright © 2014 MarketWatch, Inc....

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