January Trial Set For Former Colorado Insurance Firm Executive

The former chief executive of Van Gilder Insurance Corp. in Colorado is set to go to trial Jan. 2 on five counts of insider trading.

The Denver Post reported Michael Van Gilder pleaded not guilty to the charges Wednesday in federal court in Denver.

An indictment says Van Gilder was a close friend of an executive at the Denver-based Delta Petroleum. The indictment alleges Van Gilder traded Delta stock in late 2007 and early 2008 based on nonpublic information, including information from an executive that Delta Petroleum was doing fine despite a published report expressing pessimism.

The indictment was announced last week, one day after Van Gilder Insurance Corp. said Van Gilder was stepping down as chief executive for personal reasons.