Bloomberg News

U.S. SEC Sues Insurance Executive Over Insider Trading Claims

October 26, 2012

Michael Van Gilder, the chief executive officer of Van Gilder Insurance Co., was sued by the U.S. Securities and Exchange Commission, which claims he traded on confidential information related to Tracinda’s planned purchase of a 35 percent stake in Delta Petroleum Corp.

Van Gilder was informed of Tracinda’s plan to buy a $684 million stake by a Delta insider and relayed the information to others, the U.S. Securities and Exchange Commission said today in an e-mailed statement. Van Gilder and others he tipped made more than $161,000 in illegal profits from the trades, the commission said.

To contact the editor responsible for this story: Jeran Wittenstein at jwittenstei1@bloomberg.net


Soul Searcher
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus