Michael Van Gilder pleaded not guilty in federal court in Denver on Wednesday after the company said he was stepping down as chief executive for personal reasons.
An indictment says Van Gilder was a close friend of an executive at Denver-based Delta Petroleum. Van Gilder is accused of trading Delta stock in late 2007 and early 2008 based on nonpublic information, including information from an executive that Delta Petroleum was doing fine despite a published report expressing pessimism.
The Denver Post reports Don Woods, president of Van Gilder Insurance, has assumed Van Gilder's management responsibilities.
(Copyright 2012 by The Associated Press. All Rights Reserved.)