Boren Makes $200,000 Sale of Continental Resources Shares

davidborenIn what is considered ‘legal’ insider trading, University of Oklahoma President David Boren sold 5,000 shares this week he had as a board of director member at Continental Resources. The May 20 sale, according to The Market Digest showed Boren sold the shares at $41.10 a share for a total value of $205,502.

The sale was confirmed in a filing made by the company with the Securities and Exchange Commission. The company’s Senior Vice President of Land Operations, Steven K. Owen also made an insider trading sale. He sold 14,000 shares at $40.13 a share on May 12, a sale also reflected on file with the SEC.

Under the definition of “inside trading,” there are illegal and legal versions. The legal version occurs when corporate insiders, such as directors like Boren and officers like Owen buy and sell stock in their companies. Under the law, when the insiders trade in their own securities, they have to report those trades to the SEC.

The “illegal” insider trading occurs in the buying or selling of a security in breach of a fiduciary duty or other relationship while in possession of material or nonpublic information about the security.