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DENVER—The U.S. Securities and Exchange Commission has settled with Denver financier Scott Reiman over allegations he profited from illegal insider trades in shares of Delta Petroleum.
In late 2007, a friend told Reiman that another investment firm was going to invest $680 million in Delta Petroleum and Reiman acted on the information.
According to the Denver Post ( ), Reiman has agreed to give up $398,000 in profits made from his trades in Delta, pay $94,000 in interest and pay a penalty of $398,000. Reiman also agreed to a five-year ban from working in the securities industry or with a public company
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Information from: The Denver Post,
