Odyssey Marine consultant accused of insider trading

An Odyssey Marine Exploration consultant credited with spotting the priceless Black Swan shipwreck last year has been accused of insider trading by the Securities and Exchange Commission. According to the federal agency, Ernest Tapanes quietly bought 42,000 shares of stock in the Tampa company for roughly $150,000 after discovering the Black Swan last April and then sold the shares after Odyssey publicly disclosed its find on May 18.

Tapanes and the SEC recently signed a consent agreement regarding the alleged insider trading. Under it, Tapanes agreed to disgorge his alleged $107,000 profit and pay an additional $107,000 penalty, but he neither admitted nor denied any wrongdoing.

- Scott Barancik, Times staff writer