Atty Hit With SemGroup Insider Trading Suit

Law360, New York (April 28, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has accused an Oklahoma attorney of insider trading, alleging that he unloaded thousands of shares of now-bankrupt SemGroup Energy Partners LP stock after learning of the petroleum distribution company’s liquidity woes.

Shortly after the SEC launched its suit against Matthew J. Browne in the U.S. District Court for the Northern District of Oklahoma on Tuesday, the parties moved for a settlement.

As an attorney at an undisclosed law firm, Browne learned SemGroup was facing liquidity issues after a longtime client,...
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