SEC charges ex-CEO in Tracinda-linked insider-trading scheme

WASHINGTON Wed Nov 28, 2012 1:40pm EST

WASHINGTON Nov 28 (Reuters) - U.S. securities regulators on Wednesday charged the former chief executive of Delta Petroleum Corp with leaking confidential information to his friend about an impending large investment in the company by a well-known private firm.

The Securities and Exchange Commission said that former Delta CEO Roger Parker is the central source of an insider-trading scheme that occurred before the Beverly Hills-based private investment firm Tracinda Corp had agreed to purchase a 35 percent stake in Delta Petroleum.

The SEC had previously charged Parker's friend, insurance executive Michael Van Gilder, for trading based on the tips he received from Parker.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.