Federal Court Rejects Settlement between SEC and Van Glider
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Last week, U.S. Senior District Judge John Kane published a seven-page opinion rejecting a settlement deal between the U.S. Securities and Exchange Commission and Michael Van Glider, a former insurance executive. Casting doubt upon the fairness of the settlement, Judge Kane wrote, "My oath of office bids me to 'well and truly try' the cases before me. This is the precise opposite of rubber stamping a settlement."
Van Glider had agreed to pay more than $150,000 to the SEC in restitution to gains made illegally from an insider trading case involving the Delta Petroleum Corp, which has since ceased to operate. Also, in connection with a federal criminal case Val Glider had earlier disgorged $86,000 profits made in connection with the transactions being probed.
However, Judge Kane observed, "The proposed settlement between the SEC and Van Gilder fails to provide a sufficient factual basis upon which to determine whether it is fair, adequate, reasonable, and in the public interest."
Van Glider had been indicted in October 2012 by a grand jury in Denver following a federal investigation. He was charged on five criminal counts of insider trading, while, in the same month, the U.S. Securities and Exchange Commission filed its complaint accusing Van Glider of violating insider trading rules.
According to documents filed in the criminal case, Van Glider was a friend of former Delta CEO Roger Parker. He came to learn about a pending big investment in Delta from Tracinda Corp, a company owned by billionaire Kirk Kerkorian.
Van Glider pleaded guilty in the criminal case to one count of securities fraud and sentenced to five years of probation with six months of home detention. He resigned from the post of CEO of Van Glider Insurance in 2012, the day before his indictment, and later left the company.
He was the fourth generation leader of his family to run the brokerage.
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