The unnamed individual who profited handsomely on information that billionaire Kirk Kerkorian was buying into publicly traded Delta Petroleum in late 2007 has denied being tipped by the oil company’s chief executive.
Identified in federal court papers only as “Friend A” of then-Delta CEO Roger Parker, the individual has told securities investigators that the $700,000 profits he made trading on Delta stock just before Kerkorian’s investment wasn’t tied to Parker, according to a new filing.
The filings do not say how or from whom Friend A obtained the information that turned so lucrative.
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Parker is being sued by the U.S. Securities and Exchange Commission for allegedly being the tipster about a $684 million investment Kerkorian-owned Tracinda Corp. was about to make in his company, a deal that allegedly brought illegal insider-trading profits