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SEC charges ex-CEO in Tracinda-linked insider-trading scheme
November 28, 2012 / 6:41 PM / in 5 years

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

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.

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