Business

Oil executive settles inside trader complaint

Gary Navarro, president of MV Purchasing in Wichita, has agreed to pay $167,000 to settle a U.S. Securities and Exchange Commission complaint over his actions during the SemCrude collapse.

The SEC alleged that Navarro, who headed up the Wichita office of SemCrude, learned of parent company SemGroup's financial difficulty days before it became public and on July 14, 2008, sold his shares.

The company announced on July 17, 2008, that it was considering bankruptcy, and shares lost 65 percent of their value. By selling early, Navarro avoided a $83,602 loss, the SEC alleges.

Navarro, according to the complaint, neither admits nor denies guilt but has agreed to repay the avoided loss, plus an equal amount of interest and penalty.

Navarro could not be immediately reached for comment.

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