SEC Targets Ex-SemGroup CEO Over Misleading Filings

Law360, New York (October 18, 2011, 7:24 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday sued Thomas L. Kivisto, former CEO of once-bankrupt oil distributor SemGroup LP, saying he should fork over $1.2 million from his company's long-term incentive plan for misrepresenting the stability of a SemGroup unit.

In addition to heading SemGroup, Kivisto was a director of SemGroup Energy Partners LP, for which SemGroup provided 89 percent of revenue, according to the SEC's complaint filed in Oklahoma federal court.

Despite signing off on registration statements for SemGroup Energy in 2007 and 2008...
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