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Michael Van Gilder Indictment

Michael Van Gilder Indictment

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Published by crosscomplaint

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Published by: crosscomplaint on Oct 27, 2012
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12/04/2012

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IN THE UNITED STATES DISTRICT COURTFOR THE DISTRICT OF COLORADOCriminal Case No.UNITED STATES OF AMERICA Plaintiff,v.1.MICHAEL VAN GILDEDefendant.INDICTMENT15 U.S.C. §§ 78j(b), 78ff17 C.F.R. §240.10b-518 U.S.C. §98118 U.S.C. §228 U.S.C. §2461 
The Grand Jury charges that:
GENERAL ALLEGATIONS
At all times material to this indictment:1.Delta Petroleum Corp. (“Delta”) was an oil and naturalgas exploration and development company based in Denver,Colorado. Delta described its core area of operations as beingin the Gulf Coast and Rocky Mountain regions. Delta’s commonstock was traded on the NASDAQ’s Global Select Market exchangeunder the ticker symbol “DPTR.”2.Tracinda Corp. (“Tracinda”) was a privately held Nevadacorporation wholly-owned by a California resident and1
12-cr-00447-WYD
Case 1:12-cr-00447-WYD Document 1 Filed 10/24/12 USDC Colorado Page 1 of 14
 
headquartered in Los Angeles County, California. Tracindadescribed its principal business as the buying, selling andholding of selected equity securities of businesses.3.On December 31, 2007, Delta and Tracinda announced, andon February 20, 2008 consummated, a stock purchase agreement,whereby Tracinda purchased 36 million shares of Delta’s commonstock for $684 million, representing approximately 35% of Delta’scommon stock then outstanding and making Tracinda the largestcommon stockholder of Delta at the time.4.The defendant, MICHAEL VAN GILDER, was a resident ofDenver, Colorado and the chief executive officer and a member ofthe board of directors of Van Gilder Insurance Company (“VGIC”),an insurance business owned by defendant Van Gilder’s family andbased in Denver, Colorado. Defendant VAN GILDER was a closepersonal friend of an executive at Delta (hereinafter, "the DeltaExecutive”). VGIC arranged for and provided insurance policiescovering certain of Delta’s business operations.
COUNTS 1 - 5
(Securities Fraud: Insider Trading)5.The allegations set forth in paragraphs 1 through 4 ofthis Indictment are hereby re-alleged as if set out infulland incorporated herein by reference with respect to each andevery count of this Indictment.6.From at least on or about November 5, 2007 andcontinuing until at least on or about January 9, 2008, the exact2
Case 1:12-cr-00447-WYD Document 1 Filed 10/24/12 USDC Colorado Page 2 of 14
 
dates being unknown to the Grand Jury, in the State and Districtof Colorado, and elsewhere, the defendant,
 MICHAEL VAN GILDER,
willfully and knowingly, directly and indirectly, by use of themeans and instrumentalities of interstate commerce, and of themails, and of the facilities of national securities exchanges, inconnection with the purchase and sale of securities, did use andemploy manipulative and deceptive devices and contrivances, inviolation of Title 17, Code of Federal Regulations, Section240.10b-5, by (a) employing devices, schemes and artifices todefraud; (b) making untrue statements of material facts andomitting to state material facts necessary in order to make thestatements made, in the light of the circumstances under whichthey were made, not misleading; and (c) engaging in acts,practices and courses of business which operated and wouldoperate as a fraud and deceit upon other persons and entities, inconnection with the purchase and sale of Delta common stock.The Insider Trading SchemeInsider Tip About Delta’s 2007Third Quarter Performance.7.On or about November 8, 2007, Delta publicly announced,and filed with the U.S. Securities and Exchange Commission(“SEC”) a quarterly report disclosing its operationalperformance, revenues, earnings and other financial performancefor its quarterly period ended September 30, 2007.3
Case 1:12-cr-00447-WYD Document 1 Filed 10/24/12 USDC Colorado Page 3 of 14

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