U.S. securities regulators on Wednesday charged the former chief executive of Delta Petroleum Corp. with leaking confidential information to his friend about an impending large investment in the company by a well-known private firm, Reuters reported. The Securities and Exchange Commission said that former Delta CEO Roger Parker is the central source of an insider-trading scheme that occurred before the Beverly Hills-based private investment firm Tracinda Corp had agreed to purchase a 35 percent stake in Delta Petroleum.

(Reuters) – U.S. securities regulators on Wednesday charged the former chief executive of Delta Petroleum Corp with leaking confidential information to his friend about an impending large investment in the company by a well-known private firm.

The Securities and Exchange Commission said that former Delta CEO Roger Parker is the central source of an insider-trading scheme that occurred before the Beverly Hills-based private investment firm Tracinda Corp had agreed to purchase a 35 percent stake in Delta Petroleum.

The SEC had previously charged Parker’s friend, insurance executive Michael Van Gilder, for trading based on the tips he received from Parker.