Denver Man Dodges Jail In Apache Deal Insider Tip Case

Law360, New York (April 11, 2012, 6:21 PM EDT) -- Denver businessman Drew Peterson was sentenced to probation Wednesday for trading ahead of Mariner Energy Inc.'s $2.7 billion sale to Apache Corp. using a tip from his director father, capping off a prosecution that also snared a prominent hedge fund founder.

Peterson, 36, pled guilty in August to securities fraud and conspiracy, admitting that he bought stock in Mariner after his father, then-Mariner board member H. Clayton Peterson, tipped him ahead of the April 2010 deal and told him to buy Mariner stock.

The now-unemployed investment...
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