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Former Denver insurance executive Michael Van Gilder is asking for a two-month extension on a deadline to respond to a civil suit filed by federal securities regulators over alleged securities law violations.
In a motion filed March 21 in U.S. District Court in Denver, Mr. Van Gilder, former CEO of Denver-based Van Gilder Insurance Corp., and Roger Parker, former CEO of Delta Petroleum Corp., both asked for an extension until May 29 to respond to a civil lawsuit filed in October by the U.S. Securities and Exchange Commission.
The two had been scheduled to answer the complaint charges by March 29 under an extension the court granted from the original Jan. 28 response deadline.
Separately, Mr. Van Gilder has agreed to plead guilty to one criminal charge contained in a federal indictment, also handed down in October, which alleged that he purchased shares in Delta Petroleum stock in December 2007 based on a tip he received from an executive at the company.
The insider information allegedly came from Mr. Parker, according to the SEC complaint. Mr. Parker was not named in the criminal indictment. A third party whom the SEC alleges in its civil suit profited by more than $700,000 from the scheme remains unnamed.
Van Gilder Insurance is a privately held insurance brokerage firm with more than 130 employees. It ranks as the 94th-largest broker of U.S. business with $20.4 million in 2011 revenues, according to Business Insurance's 2012 ranking of U.S. brokers.
Del Van Gilder Jr., Michael Van Gilder's father, serves as the brokerage firm's chairman and is not named in either the indictment or the civil suit.
The former CEO of a Denver-based oil and gas company was charged this week with leaking insider trading information to certain investors, according to the Securities and Exchanges Commission.