Monday, September 25, 2023
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Former Oil CEO Charged With Inside Trading

DENVER (CN) - The SEC on Wednesday charged the former CEO of a Denver oil company with inside trading.

The SEC in October charged insurance executive Michael Van Gilder with inside trading in shares of Delta Petroleum Corp. On Wednesday it filed an amended complaint adding Delta's then-CEO Roger Parker as a defendant.

The SEC claims the men traded on inside information that Tracinda, a Beverly Hills private investment firm, was abut to buy a 35 percent stake in Delta. When the news was announced, Delta shares shot up by nearly 20 percent.

Total illicit profits from the trades came to $890,000, the SEC said.

Van Gilder, 45, lives in Denver; Parker, 51, in Englewood, Colo.

The SEC seeks disgorgement, penalties and injunctions.

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