A Canadian oceanographer who discovered what may be the richest shipwreck treasure in history [The Black Swan] has agreed to pay US$216,355 in an insider-trading settlement with U.S. government regulators.

The Securities and Exchange Commission announced a civil settlement Thursday with Ernesto Tapanes, an oceanographic consultant after accusing him of illegally profiting from his find.

In March, he discovered a wreck, code-named Black Swan, for Odyssey Marine Exploration Inc. as he surveyed off the coast of Gibraltar. The company revealed the Atlantic Ocean discovery of 500,000 colonial-era silver coins, estimated to be worth up to $500 million May 18.

In a civil suit, the SEC alleged in the weeks before the announcement, Tapanes used his inside knowledge of the find when he bought buy 42,000 shares of company stock. Odyssey Marine shares soared nearly 81 per cent on May 18 to $8.32 apiece. Tapanes then sold the stock, reaping a profit of $107,102. Read Full Story