(HedgeCo.Net) A petroleum engineer who worked at Texas-based energy company Apache Corporation has agreed to settle SEC charges that he conducted insider trading ahead of a market-moving announcement about the company\u2019s discovery of a significant new oil source.<\/p>\n
The SEC alleges that Christopher J. Lollar traded on nonpublic information while working in the company\u2019s San Antonio office that was performing the geologic and geophysical work to explore and develop the newly discovered resource play called Alpine High. Lollar allegedly conducted trades in Apache shares and call options in the days and weeks leading up to the company\u2019s Alpine High announcement on Sept. 7, 2016. The value of Lollar\u2019s brokerage account skyrocketed approximately 2,700 percent after the announcement, and his alleged profits from insider trading totaled $214,295.07.<\/p>\n
\u201cAs detailed in our complaint, a telling piece of evidence we gathered was a recorded phone call to his brokerage firm during which a concerned Lollar found a faster way to get money into his account after learning the funds in his initial deposit request wouldn\u2019t have been available for trading until September 8, too late for the Alpine High announcement,\u201d said Jessica B. Magee, Associate Director for Enforcement in the SEC\u2019s Fort Worth Regional Office.<\/p>\n
Shamoil T. Shipchandler, Director of the SEC\u2019s Fort Worth Regional Office, added, \u201cInsider trading is an attack on the integrity of our markets, and Lollar allegedly exploited confidential information from his employer to do it. Consequently, he was fired from his job and now must pay back more than double the amount of his ill-gotten gains.\u201d<\/p>\n
Lollar agreed to pay disgorgement of $214,295.07 plus $7,219.36 in interest and a $214,295.07 penalty for a total of $435,809.50. Lollar agreed to the settlement without admitting or denying the allegations, and the settlement is subject to court approval.<\/p>\n","protected":false},"excerpt":{"rendered":"
(HedgeCo.Net) A petroleum engineer who worked at Texas-based energy company Apache Corporation has agreed to settle SEC charges that he conducted insider trading ahead of a market-moving announcement about the company\u2019s discovery of a significant new oil source. The SEC […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-60758","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/60758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=60758"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/60758\/revisions"}],"predecessor-version":[{"id":60759,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/60758\/revisions\/60759"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=60758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=60758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=60758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}