U.S. securities regulators on Wednesday charged the former chief executive of Delta Petroleum Corp with leaking confidential information to a 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.
An attorney for Parker could not immediately be reached for comment.
The SEC's charges against Parker come just one month after the agency charged his friend, insurance executive Michael Van Gilder, for allegedly trading based on the tips he received from Parker.
Van Gilder was also indicted last month on five counts of insider-trading in a parallel criminal case. He pleaded not guilty.
His attorney was out of the country on Wednesday and could not immediately
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