SEC Charges Utah Resident with Insider Trading

ADMINISTRATIVE PROCEEDING
File No. 3-19980

September 9, 2020 - The Securities and Exchange Commission today announced settled insider trading charges against Craig P. Moyes, of West Jordan, Utah, for his purchases of Swift Transportation Company stock before the announcement of a merger transaction involving Swift.

According to the SEC's order, Moyes, who was formerly employed at Swift, maintained a close personal and business relationship with an insider at Swift. The order finds that on April 6, 2017, Moyes purchased over $400,000 in Swift stock shortly after receiving two phone calls from the Swift insider. According to the order, two business days later, before the markets opened, Swift and another entity announced a merger agreement. The order finds that the share price of Swift stock jumped following the announcement of the merger agreement, and that Moyes's timely purchases of Swift stock resulted in unrealized gains of $58,096.

The SEC's order finds that Moyes violated the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Without admitting or denying the findings of the SEC's order, Moyes consented to entry of the cease-and-desist order, and agreed to pay a civil penalty of $116,192.

The SEC's investigation was conducted by Gary M. Zinkgraf with assistance from Sarah Concannon, and supervised by Jeffrey P. Weiss and Anita B. Bandy.