(CN) – A Tulsa attorney ducked $82,000 in losses by dumping all his shares in an energy company based on inside information he got while representing a client, the SEC claims in Federal Court. Matthew J. Browne will pay twice that, plus interest, the SEC said.
The SEC claims that Matthew J. Browne sold all his shares in SemGroup Energy Partners the day he found out that its privately held corporate parent, and largest customer, SemGroup LP, was defaulting on a $50 million margin call. SemGroup stock plummeted from $24.06 to $8.30 after the public announcement, in July 2008.
Browne settled with the SEC by agreeing to disgorge the $81,773 in losses he avoided, and another $81,733, plus interest.