SEC v. Michael Van Guilder, Case No. 12-cv2839 (D. Colo.). On October 26, 2012, the SEC announced it charged Michael Van Gilder, the CEO of the Van Gilder Insurance Company, with insider trading. Van Gilder learned from an insider that Tracinda, which has owned large stakes in companies like Ford and GM, was planning to purchase a stake in Delta Petroleum Corporation. Van Gilder bought Delta stock and option contracts. He also tipped some relatives. After the announcement of the Tracinda purchase, Delta’s stock price increased nearly 20%. The SEC charged Van Gilder with violating Section 10(b) of the Exchange Act and Rule 10b-5. The SEC is seeking injunctive relief, disgorgement and a civil monetary penalty. The United States Attorney for the District of Colorado announced a parallel criminal action against Van Gilder.
Pingback: SEC Charges Roger Parker As Information Source In Insider Trading Case | Securities Enforcement Blog