SEC settles insider trading charges with CEO of Utah company

On September 10, 2020, Craig P. Moyes, Chief Executive Officer and part owner of a Utah company settled insider trading charges with the US Securities and Exchange Commission.  The SEC found that in April 2017, a friend of Moyes who had inside information about the upcoming merger of Swift Transportation Company with Knight Transportation, Inc., communicated material nonpublic information to Moyes.  According to the SEC order, Moyes purchased Swift stock two days prior to the announcement of the merger, gaining $58,096 from the transaction. The settlement requires Moyes to pay a two time civil penalty of $116,192, and to cease and desist from committing or causing violations of Section 10(b) of the Securities Exchange Act of 1934.

Cease and Desist Order