Report: SEC Probing BP For Potential Insider Trading

[babylonsister]

SEC probes BP potential insider trading: sources
Reuters


WASHINGTON (Reuters) – U.S. securities regulators are investigating whether people may have illegally profited from trading on nonpublic information at BP Plc (BP.N) (BP.L) in the weeks and months following the disastrous Gulf of Mexico oil spill, two sources familiar with the investigation said on Monday.

The Securities and Exchange Commission is also investigating whether BP properly disclosed information on risks related to its deepwater oil operations in the Gulf of Mexico, one of the sources said.

For roughly two months after an explosion sank the Deepwater Horizon drilling platform, BP's stock price dropped steadily, losing half of the company's value.

The sources cautioned that the investigation is preliminary and requested anonymity because they have not been authorized to speak publicly about the matter.

Last week, BP said the SEC and the Justice Department were conducting "informal inquiries into securities matters arising in relation" to the explosion at the offshore drilling rig that ruptured BP's well.

The SEC declined comment.

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http://news.yahoo.com/s/nm/20100802/bs_nm/us_oil_spill_sec

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1. Nice! Good luck to the SEC! K&R n/t