Friday, January 18, 2008

Shipwreck, treasure, insider trading -- an SEC tale

WASHINGTON (Reuters) - When an exploration team member discovered an anomaly on the ocean floor that turned out to be a $500 million shipwreck, he found a way to get his own share of the booty -- insider trading, according to the U.S. regulators who nabbed him.

The U.S. Securities and Exchange Commission said on Thursday that Ernesto Tapanes, 39, agreed to pay more than $216,000 to settle insider trading charges in the case involving the 18th century shipwreck, code-named Black Swan.

The SEC said Tapanes was working for Odyssey Marine Exploration Inc (OMEX.O: Quote, Profile, Research) as an oceanographic surveying consultant in March 2007 when he identified and photographed an anomaly off the coast of Gibraltar.

Excavation efforts soon uncovered more than $500 million worth of silver and gold coins, the largest collection of coins ever excavated from a historical shipwreck site, the SEC said. . . .

Full story at: Link

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