Denver businessman indicted on insider trading

Michael Van Gilder indicted on five counts by jury

DENVER -  

A Denver insurance executive has been indicted by a federal grand jury on five counts of insider trading.
 
Prosecutors said Friday that Michael Van Gilder traded based on inside information regarding the Denver oil and natural gas exploration and development company Delta Petroleum Corp.
 
Prosecutors said Van Gilder provided insurance policies covering Delta's business operations.
 
Van Gilder's attorney, David Savitz, told The Denver Post his client voluntarily surrendered to authorities Friday and will vigorously contest the charges.
 
On Thursday, Van Gilder Insurance Corp. said Van Gilder had resigned as its chief executive for personal reasons.
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