The SEC blocks its assets following a suspicion of insider trading in Anadarko

NEW YORK (BY STEPHANIE KELLY & PETE SCHROEDER, REUTERS) – The US Securities and Exchange Commission Monday froze its holdings on suspicion of insider trading in Anadarko Petroleum Corp. before the oil company accepted its acquisition by rival Chevron Corp.

US District Judge Gregory Woods in Manhattan has decided to freeze accounts linked to suspicious purchases between unknown purchasers of Anadarko securities, which, according to the SEC, are expected to generate about $ 2.5 million in illicit profits , according to a file.

In a separate complaint, the SEC said the traders were unknown because they were using accounts located in Britain and Cyprus, making a series of "major unprecedented purchases" of options contracts. to buy in Anadarko a few days after the start of the acquisition negotiations and potential agreement was made public.

"The timing, size, nature and profitability of the defendants' transactions, as well as the lack of significant option trading history for Anadarko in the accounts in question, make the transactions in question extremely suspicious, "wrote the SEC.

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