Denver businessman settles insider trading claims
Denver businessman to pay nearly $900,000 to settle insider trading allegations
DENVER (AP) -- The founder of a Denver-based investment firm has agreed to pay about $890,000 to settle insider trading allegations.
The Securities and Exchange Commission said Monday that Hexagon Inc. founder Scott Reiman agreed to be barred from the securities industry and from serving as an officer or director of a public company for at least five years. He admits no wrongdoing.
The SEC alleged Reiman bought Delta Petroleum stock or options in 2007 after learning confidential information from former Delta Petroleum CEO Roger Parker that the company had secured $684 million from Kirk Kerkorian's Tracinda Corp.
Delta Petroleum's stock price jumped almost 20 percent after the investment was publicly announced.
The SEC's civil insider trading complaint against Parker and former Van Gilder Insurance Corp. CEO Michael Van Gilder is still pending.