A Denver oilman accused of tipping off a close friend to confidential information about an upcoming investment now has his life back, the Denver Business Journal reported. A jury found Roger Parker — former CEO of Delta Petroleum Corp. — not liable on a charge of insider trading. In 2012, the Securities and Exchange Commission accused Parker of tipping Michael Van Gilder, the former CEO of Van Gilder Insurance Corp., to confidential information about an upcoming investment in the company. Van Gilder also faced insider-trading charges and settled his case in 2014. According to the SEC’s complaint, the insider trading occurred in advance of Delta Petroleum’s public announcement that Tracinda Corp. had agreed to purchase a 35 percent stake, which increased Delta’s stock value by nearly 20 percent. The SEC alleged that Parker illegally tipped Van Gilder and at least one other friend about confidential information about the impending investment. Delta Petroleum filed for chapter 11 protection in December 2011, reorganized and emerged from bankruptcy as Par Petroleum. The SEC alleged that the insider trading generated more than $890,000 in illicit profits but Parker argued that he had a good-faith belief that the information would not be traded on. The SEC can appeal on procedural matters, but cannot retry Parker on the facts of the case. So far, Parker's legal team hasn't received word about what the government plans to do.
