Please do not leave this page until complete. This can take a few moments.
A former BP manager who led clean-up efforts after the massive Gulf of Mexico oil spill in 2010 has settled charges that he traded inside information about the catastrophe.
The Securities and Exchange Commission said Keith Seilhan sold off his entire $1 million portfolio of company stock about a week after the April 2010 Deepwater Horizon incident.
Authorities said that as the BP incident coordinator tasked with preventing the spread of the oil spill, he was aware of the extent of the spill, which was significantly larger than the company had said publicly.
The sale meant he avoided about $100,000 in losses when the company's stock tumbled, according to a SEC filing in federal court.
Seilhan has negotiated a settlement with the SEC that does not admit or deny wrongdoing, his attorney, Mary McNamara, said.
The settlement totals nearly a quarter of a million dollars. It includes returning the $105,000 gain on the sale, as well as $13,000 in interest and a civil fine of about $105,000 -- equal to the gain.
The charges are not the first SEC legal action to stem from the spill, which ranks as the second largest in history. The SEC charged BP with misleading investors, citing filings that "significantly" understated the flow rate from the blown well.
BP paid a $525 million fine to settle those charges.
It also funded billions in clean-up, recovery and damages, much of which was paid to businesses and individuals affected by the spill. Transocean, which owned the rig, and Halliburton also paid fines, and BP pleaded guilty to several felony charges, including corporate manslaughter.
A federal commission found the spill totaled 210 million gallons. Oil flowed from the well for nearly three months after the April 20 explosion and subsequent sinking of the rig.
The Hartford Business Journal 2025 Charity Event Guide is the annual resource publication highlighting the top charity events in 2025.
Learn moreHartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
SubscribeDelivering vital marketplace content and context to senior decision-makers throughout Connecticut ...
All Year Long!
The Hartford Business Journal 2025 Charity Event Guide is the annual resource publication highlighting the top charity events in 2025.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering vital marketplace content and context to senior decision-makers throughout Connecticut ...
All Year Long!
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments