Posted: Feb 23, 2013 3:34 PM by AP posted by Juice Godfrey
DENVER (AP) - The former CEO of Van Gilder Insurance Corp. is expected to plead guilty to securities fraud.
The Denver Post reports 45-year-old Michael Van Gilder's attorney filed court documents Friday outlining a plea agreement in the inside-trading case. Van Gilder is expected to acknowledge buying 90 call options on Delta Petroleum stock just before a mega-buy-in to the Denver-based company by billionaire investor Kirk Kerkorian was announced in 2007.
Four other charges of securities fraud are expected to be dismissed.
Van Gilder had denied a five-count federal securities fraud indictment handed up last October. His case is the first of what prosecutors hint could be three or more brought against individuals who profited from Kerkorian's $684 million investment in Delta Petroleum
The newspaper reports neither Van Gilder nor his attorney could be reached for comment Friday.