Swift Transportation CEO Settles SEC Lawsuit
Swift Transportation Co. Chairman and Chief Executive Jerry Moyes on Wednesday agreed to pay $1.3 million to settle a Securities and Exchange Commission suit accusing him of insider trading.
Phoenix-based Swift is the nation’s third-largest trucking company.
Moyes bought 187,000 shares in the two days before the company announced better-than-expected earnings and a share buyback, making an unrealized profit of $622,130, the SEC said.
The SEC launched the investigation of trades made in May 2004. Swift’s stock jumped 20% after the company said it would beat Wall Street analysts’ estimates.
Swift, whose sales are topped only by Yellow Roadway Corp. and J.B. Hunt Transport Services Inc., took steps after the trades were disclosed to toughen insider-trading rules.
Moyes, 61, is scheduled to step down as CEO in December. Swift shares fell 15 cents to $16.70.
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