Lots of media play as oil-realm securities fraud case kicks off

Of course, not every big-time media story relating to money intrigues in the oil industry will garner the interest of a Texas reader from Houston or elsewhere simply because oil-related energy companies and related subject matters play a big role in the state.

Still, a riveting tale will always attract readers, with the following just happening to feature heavy-hitting principals from the oil industry.

Notably, this story has a Denver twist and has drawn widespread interest, notes one media account, “not only for the high-level players involved, but because of the stakes.”

And the stakes are certainly high, with the former CEO of a petroleum company being accused by SEC regulators in federal court of insider trading relevant to a third party’s investment of a whopping $684 million in his company.

Investigators say that Denver oil magnate Roger Parker passed along inside information to some of his well-heeled friends in or close to the industry regarding the above-cited transaction well before it was public knowledge. Although regulators do not contend that Parker personally profited from his tips, they state that the passing along of transaction-related details in itself constitutes unlawful insider trading.

Parker has vigorously and steadfastly denied any wrongdoing, insisting that he is not liable for any act of securities fraud. He has equated his private discussions with individuals who did allegedly profit by acting upon divulged information as being mere small talk among friends.

Parker is currently involved in bankruptcy proceedings. If the SEC prevails in its civil case against him, Parker could be permanently enjoined from engaging in any activities relevant to the securities industry and publicly traded entities.