Home / World News / SEC to try and convince federal jury of oilman’s alleged insider trading — again

SEC to try and convince federal jury of oilman’s alleged insider trading — again

Federal securities authorities will take a second run at trying to prove to a Denver jury that one-time oil executive Roger Parker a decade ago leaked insider information to his buddies so they could profit from it.

Delta Petroleum's former chairman and CEO Roger Parker, photographed in the boardroom of the downtown Denver office on March 5, 2008.

Mark T. Osler, The Denver Post

Delta Petroleum’s former chairman and CEO Roger Parker, photographed in the boardroom of the downtown Denver office on March 5, 2008.

The new trial is set to begin Tuesday before U.S. District Judge John Kane — exactly five years from the day the U.S. Securities and Exchange Commission levied its allegations.

The SEC maintains the 56-year-old former chief executive of Delta Petroleum told at least two friends — who then told others — that late-billionaire Kirk Kerkorian in 2007 was poised to drop $684 million into the company, an investment that surely would make the company’s stock price climb once it was announced.

It did, by about 19 percent, and resulted in illicit profits topping $1.5 million to those who bought-in before the January 2008 announcement was made. Parker, however, never personally traded on any Delta stock at the time and said the tips were merely idle chatter among friends.

But government attorneys in September had a hard time proving their case to a federal district court jury following a two-week trial, which ended with a hung jury after a week of deliberations, leaving the SEC little choice but to start over.

About brandsauthority

Check Also

Australia Post reveals full cost of Cartier watches gifted to staff members was $19,950

Australia Post has revealed the cost of the watches at the centre of a gift …

Leave a Reply

%d bloggers like this: