MISTRIAL DECLARED IN SEC CASE

Federal securities officials’ fiveyear pursuit against former oilman Roger Parker on civil charges that he tipped his buddies about billionaire Kirk Kirkorian’s massive investment in his company ended in a hung jury after a week of deliberations.

The eight-woman, five-man panel told U.S. District Judge John Kane that it was hopelessly deadlocked and unlikely to produce a verdict for either Parker or the U.S. Securities & Exchange Commission trying to brand him as an inside trader.

Kane on Monday scheduled a new trial for late November. It’s unclear whether the SEC intends to continue its pursuit of the 56year-old former CEO of Delta Petroleum.

The SEC has said Parker illegally tipped former insurance executive Michael Van Gilder and investment broker Scott Reiman about a $684 million buy-in Kirkorian was about to make in Delta in 2007. The two allegedly took that information and bought large amounts of Delta stock, as well as options on those trades, that landed them huge profits.

Van Gilder pleaded guilty to a single criminal charge of illegal insider trading while Reiman made a quiet settlement with the SEC and paid back more than $800,000 in alleged profits and fines. Van Gilder testified during the two weeks of testimony in U.S. District Court in Denver, but Reiman invoked his Fifth Amendment right against self-incrimination.

Ultimately they found they were deadlocked and unable to come to a unanimous conclusion.