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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

SEC v. Seilhan (Insider Trading)

Keith Seilhan, a former BP crisis manager who coordinated the company’s cleanup of the 2010 Deepwater Horizon oil spill, was charged with insider trading by the Securities and Exchange Commission (SEC). The SEC alleged that, in late April 2010, Seilhan used confidential, non-public information about the magnitude of the spill to sell $1 million in company stock shortly before its value fell nearly 50 percent over the following weeks. At the same time BP publicly reported estimated oil-flow rates from the incident, Seilhan allegedly learned from his role as response coordinator that the damage, and thus BP’s potential liability and financial exposure, was far worse. Without admitting or denying the charges, Seilhan agreed to settle the case by returning $105,409 in alleged improper gains, paying a civil penalty of the same amount, and paying $13,300 in prejudgment interest.

Misconduct Type
Securities
Enforcement Agency
SEC
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Settlement Announcement
4/17/2014
Contractors Involved Penalty
Total
BP P.L.C. $224,118
Further Information Released
SEC Complaint 4/17/2014
SEC Press Release 4/17/2014

See also:

Federal Contractor Misconduct Database