Judge grants freeze over accounts linked to suspicious purchases between February 8 and April 1 by unknown buyers of Anadarko securities
SEC says in separate complaint that 'large, unprecedented purchases' were made weeks before a potential agreement with Chevron was made publicNew York — The US Securities and Exchange Commission on Monday obtained an asset freeze in connection with suspected insider trading in Anadarko Petroleum before the oil company agreed to be acquired by rival Chevron.
"The timing, size, nature, and profitability of the Defendants' trades, as well as the lack of prior history of significant Anadarko options trading in the subject accounts, make the trades at issue highly suspicious," the SEC wrote. For example, in one of the trades laid out in the SEC filing, on April 1, 650 Anadarko contracts betting on the shares rising above $50 by mid-May were bought for $1.07 per contract.By April 12, these calls traded as high as $13.18, according to Refinitive data.
The asset freeze orders any parties that receive notice must not withdraw, transfer or dispose of assets related to the allegations.
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