Co-Founder Of Tulsa-Based SemGroup Settles With SEC

NewsOn6.com

TULSA, Oklahoma -- The co-founder and CEO of Tulsa-based SemGroup LP, Thomas Kivisto, settled a lawsuit filed by the Securities and Exchange Commission.

Three years after SemGroup filed bankruptcy, the SEC Tuesday charged Kivisto with "misleading investors" about the risks the company was taking with energy trading.

Read The SEC Complaint

Kivisto settled Tuesday for about $1.3 million in fines and forfeiture of SemGroup stock.

An SEC spokesman says Kivisto should have known SemGroup's filings with the SEC were misleading and that losses would blindside its investors.

05/04/2011 Related Story: Former Leaders Of Tulsa's SemGroup Settle Class Action Lawsuit