Swift Transportation CEO Jerry Moyes has agreed to pay a $1.26 million settlement with the Securities and Exchange Commission over insider trading. Moyes neither admitted nor denied any wrongdoing, according to an Associated Press report.
Swift announced Wednesday, Sept. 21 that it has been advised by the SEC that no action would be taken against the company in connection to Moyes’ inside trading.
In May 2004, Moyes purchased 187,000 shares of company stock in the two days before Swift announced better-than-expected earnings and a share buyback. He made an unrealized $622,000 profit.
The following month, Swift’s board forced Moyes to place his gain in a trust. That money — plus interest and a civil penalty equal to that amount — comprises the $1.26 million settlement, according to Swift officials.
“We are pleased this matter is behind us and looking forward, we will continue to concentrate on improving our operating results,” said Robert W. Cunningham, Swift’s chief operating officer.
