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Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Friday, August 5, 2011

SEC Charges Former Mariner Energy Director with Insider Trading

On August 5, 2011, the SEC charged H. Clayton Peterson, a former member of Mariner Energy Inc.’s board of directors, and his son, a securities industry professional, with illegally tipping and trading on the basis of inside information about the impending acquisition of Mariner Energy.  According to the SEC. Peterson, who served on Mariner Energy, Inc.’s board of directors from 2006 through 2010, provided his son, Drew Clayton Peterson, with confidential information about Apache Corporation’s upcoming acquisition of Mariner Energy. Drew Peterson, a managing director at a Denver-based investment adviser, then traded on the illegally obtained inside information and purchased Mariner Energy stock for himself, his relatives, his clients, and for a close friend. Drew Peterson also tipped other close friends as to the impending acquisition of Mariner Energy who also traded on the illegally obtained information. The insider trading by the Petersons and others generated more than $5.2 million in illicit profits.

The SEC’s complaint charges Clayton Peterson and Drew Peterson with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

http://lawprofessors.typepad.com/securities/2011/08/sec-charges-former-mariner-energy-director-with-insider-trading.html

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