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SEC, US Attorneys and FBI Probing SemGroup Collapse

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It looks like the collapse of SemGroup, the oil traders who filed for bankruptcy after losing $2.4 billion, may wind up getting prosecuted as a criminal matter. We already knew the SEC was looking into the company's cash-flow problems. Now the Associated Press is reporting that the US Attorney's office in Oklahoma City is bringing SemGroup executives before a grand jury. We hear the FBI has been poking around, as well.
Exactly what caused SemGroup to collapse is still something of a mystery. It's widely believed that SemGroup had huge short positions in oil futures but the size of its losses has many speculating that there may be something more complex going on.

SEC, US attorney investigating SemGroup
[Associated Press]


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