CEO Schemes Drove SemGroup Into Ch. 11: Examiner

Law360, New York (April 16, 2009, 12:00 AM EDT) -- A federal examiner has asserted that the former CEO of bankrupt petroleum aggregator SemGroup LP devastated the company's finances by orchestrating a risky commodities trading scheme resulting in more than $3 billion in losses, while at the same time reaping at least $30 million in profits for himself from a side scheme.

On Wednesday, a bankruptcy court examiner charged with investigating the company's trading strategy, as well as any potential fraud or mismanagement on the part of executives, filed a report in the U.S. Bankruptcy Court...
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