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SEC Charges Ex-BP Official for Insider Trading

A veteran BP (NYSE: BP) employee who headed the company's cleanup from the 2010 Deepwater Horizon oil spill has been charged with insider trading for allegedly selling shares illegally after learning the extent of the disaster.The Securities and Exchange Commission said Thursday that Keith A. Seilhan, who coordinated BP's cleanup operations in the wake of the massive spill in the Gulf of Mexico, sold his BP shares just days after receiving non-public information regarding the scope of the accident.He is accused of selling about $1 million worth of shares his family owned in a move that avoided a 48% loss. Seilhan was described by the SEC as an experienced crisis manager who was tasked by BP with overseeing the company's oil skimming operations and its efforts to contain expansion of the spill.The SEC's complaint, filed in federal court in Louisiana, alleges that within days of the April 20, 2010, explosion on an oil rig off the coast of Louisiana, Seilhan received nonpublic information...

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  1. SEC Charges Ex-BP Official for Insider Trading

    Developing: The Securities and Exchange Commission charged Keith Seilhan with trading on non-public information obtained during the time he was helping BP (NYSE:BP) ...

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