US SEC obtains asset freeze over suspected insider trading in Anadarko
SEC says in separate complaint that 'large, unprecedented purchases' were made weeks before a potential agreement with Chevron was made public
New York — The US Securities and Exchange Commission on Monday obtained an asset freeze in connection with suspected insider trading in Anadarko Petroleum before the oil company agreed to be acquired by rival Chevron. US judge Gregory Woods in Manhattan granted the freeze over accounts linked to suspicious purchases between February 8 and April 1 by unknown buyers of Anadarko securities, who the SEC said stand to make roughly $2.5m in illicit profits, according to a court filing. In a separate complaint, the SEC said the traders were unknown as they used accounts located in Britain and Cyprus, making a series of "large, unprecedented purchases" of call option contracts in Anadarko days after the company began acquisition talks, and weeks before the potential agreement was made public. "The timing, size, nature, and profitability of the Defendants' trades, as well as the lack of prior history of significant Anadarko options trading in the subject accounts, make the trades at issue ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.