The U.S. Securities and Exchange Commission is looking into unusual trading in the shares of BP between April 20 and late June, CNBC reported Wednesday, citing people familiar with the matter.
The SEC’s focus in the informal investigation is on whether third parties, such as hedge funds, were trading in a way that indicated they had inside information on the status of efforts to stem BP’s well leak in the Gulf of Mexico, CNBC reported, citing one person.
April 20 was the day the BP-operated Deepwater Horizon rig caught fire, killing 11 workers. It sank two days later. The blowout in mile-deep water caused a leak that entered its 100th day Wednesday and has spewed millions of gallons of oil into the Gulf.
BP temporarily capped the leak two weeks ago.