SEC investigating insider trading at BP

U.S. securities regulators are investigating possible insider trading at BP after the Gulf of Mexico oil spill. 

The Securities and Exchange Commission is conducting a preliminary look into whether anyone illegally profited from trading on the information, according to a story first reported Monday by Reuters. 

The SEC is reportedly also investigating if BP disclosed information relating to the risks on its Gulf oil rigs. The company's stock price has dropped steadily since the oil spill. 

In a 2009 annual report, BP said there were operational risks, including oil spills. 

"Failure to manage these risks could result in injury or loss of life, environmental damage, or loss of production and could result in regulatory action, legal liability and damage to our reputation," the report said.

BP said last week that the SEC and the Justice Department were conducting "informal inquiries into securities matters arising in relation" to the explosion at the offshore drilling rig.