DENVER BUSINESS JOURNAL - Michael Van Gilder, a former CEO of his family's Denver insurance business, has agreed to surrender insider-trading profits and pay penalties to settle a U.S. Securities and Exchange Commission civil case against him, according to settlement terms disclosed this week.
The Denver Post reports that Van Gilder agreed to pay about $150,000 to settle the SEC case, representing profits and penalties, according to a settlement agreement filed this week in U.S. District Court.
The settlement was agreed to in principle last November, but terms were not disclosed until now. The deal - in which Van Gilder does not admit guilt - still must be approved by U.S. District Judge John Kane.
Van Gilder previously surrendered $86,000 in disgorged profits in connection with a federal criminal case against him.