Former Colorado Insurance Exec Guilty Of Securities Fraud

May 3, 2013

Former insurance executive Michael Van Gilder has pleaded guilty to securities fraud in an insider-trading case connected to billionaire Kirk Kerkorian’s 2008 investment in Denver-based Delta Petroleum.

According to the Denver Post, Van Gilder admitted Wednesday he traded on details of Kerkorian’s investment that were provided to him by an unidentified, high-level Delta executive.

Van Gilder is also a co-defendant in a civil lawsuit filed by the U.S. Securities and Exchange Commission related to the Kerkorian deal, a $684 million investment that sent Delta’s sagging stock soaring when it was announced in 2007.

Latest Comments

  • May 3, 2013 at 5:58 pm
    Mac says:
    If it is legal for Congress then it is legal for us
  • May 3, 2013 at 2:32 pm
    Libby says:
    Hah! Good enough for him. I'm sure he'll get off with a slap on the wrist and everything will be forgotten in time. Unfortunate, but true.
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