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SGY > SEC Filings for SGY > Form 8-K on 18-Apr-2014All Recent SEC Filings

Show all filings for STONE ENERGY CORP



Other Events

Item 8.01. Other Events.

On February 1, 2013, Keith A. Seilhan was named Vice President - Deep Water of Stone Energy Corporation ("Stone"). He previously served as Deep Water Projects Manager since joining Stone in July 2012. Prior to joining Stone, Mr. Seilhan filled various senior leadership roles for Amoco and BP p.l.c. ("BP") over his 21 year career. In his final year with BP, he filled the role as BP's Incident Commander on the Deepwater Horizon Incident in 2010 and also worked as an Emergency Response Consultant with The Response Group for one and a half years. He has been an Asset Manager and Operations Manager for Deep Water Assets, Operations Director for Gulf of Mexico and the Organizational Capability Manager.

As previously disclosed by Stone, Mr. Seilhan received a "Wells Notice," dated January 25, 2013, from the Staff of the Securities and Exchange Commission (the "SEC") indicating its intent to recommend to the SEC that it bring a civil injunctive action against Mr. Seilhan alleging that he violated Section 17(a) of the Securities Act of 1933 (the "Securities Act"), Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 thereunder. On April 17, 2014, pursuant to a settlement between the SEC and Mr. Seilhan, the SEC filed a complaint in the U.S. District Court for the Eastern District of Louisiana, alleging that Mr. Seilhan sold securities while in possession of material nonpublic information, and in breach of duties owed to BP and its shareholders, in violation of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Without admitting or denying the allegations, Mr. Seilhan consented to the entry of a final judgment permanently enjoining him from future violations of Section 17(a) of the Securities Act,
Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Mr. Seilhan also agreed to disgorgement in the amount of $105,409, plus $13,300 of prejudgment interest, and to pay a civil penalty of $105,409. The settlement is subject to court approval. The SEC's inquiry related to activities prior to Mr. Seilhan's employment with Stone and was not directed at, and does not concern, Stone or any other member of Stone's management or any member of Stone's Board.

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