http://marketplace.publicradio.org/display/web/2010/07/28/am-bp-facing-allegations-of-insider-trading/Stephen Beard: In its latest profit report, BP admits that both the Department of Justice and the Securities and Exchange Commission are investigating issues related to the oil spill. BP says it's unable to give any further details.
But a London-based stockmarket analyst says he believes he can shed some light on the matter. Rupert Nathan is with research house Fat Prophets. He says there have been claims of suspicious movements in BP's share price just before the company made key announcements on its progress in curbing the spill:
Rupert Nathan: A hedge fund manager had alleged that some of the trading activity in BP shares was unnatural, indicating at times that those involved must have had some advance warning of announcements that BP was going to make.
UPDATE 2-BP says DOJ, SEC probe trading around oil spill
http://www.reuters.com/article/idUSN279581020100727July 27 (Reuters) - BP Plc (BP.L)(BP.N) said the U.S. Securities and Exchange Commission and the Justice Department had launched a probe into market trading connected to the oil giant's Gulf of Mexico oil spill.
"The Securities and Exchange Commission and DoJ are conducting informal inquiries into securities matters arising in relation to the incident," the company said in a statement on Tuesday.
A company spokesman declined to give any comment on the details of the inquiries. Representatives for the SEC and the Justice Department also declined to comment.
The securities probe is one of a myriad of investigations into the company and others tied to the oil spill. The Justice Department is already looking into potential civil and criminal violations of federal environmental laws.
SEC Investigating Trading of BP Shares After Gulf Explosion
http://wallstreetpit.com/37506-sec-investigating-trading-of-bp-shares-after-gulf-explosionCNBC is reporting that the US Securities and Exchange Commission
is investigating whether there may have been irregular trading that went on in BP PLC (BP) shares.
People familiar with the matter say that government officials are closely looking at dates between April 20—when the oil explosion happened in the Gulf of Mexico, killing 11 workers—and late June—when the company was deeply engaged in trying to cap the oil well.
“The probe focuses on whether or not third parties, such as hedge funds, were trading in a way that indicated they had insider information about the success or failure of BP’s efforts to stop the oil leak in the Gulf of Mexico?
BP’s second quarter results, released yesterday, had a short disclosure on page 40, which simply said that the SEC and Department of Justice (DOJ) were investing some securities matters related to the company. This raised a lot of questions.”
(end snips)
Who could have imagined there would be insider trading too? /sarcasm off
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