SEC charges Charles Langston
05 December 2013 New York
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The US Â鶹´«Ã½ and Exchange Commission has brought a complaint against Charles Raymond Langston III, charging him with insider trading and illegal short selling.
The SEC alleged that Langston conducted insider trading in advance of a public announcement that significantly decreased the price of AutoChina International Ltd’s stock.
Langston, the complaint read, received material, non-public information concerning a
registered follow-on offering of AutoChina’s stock and then used that information to sell short 29,000 shares of AutoChina in advance of the company’s public announcement on 24 March 2010 that it had completed the offering.
Langston made more than $193,108 in trading profits based upon the material, non-public information.
Langston is a resident of Miami Beach, Florida, who actively traded securities through numerous accounts owned by CRL Management and Guarantee Reinsurance at several broker-dealers.
It has been reported that he has settled with the SEC by way of paying a fine, and neither admitted nor denied the charges.
The SEC alleged that Langston conducted insider trading in advance of a public announcement that significantly decreased the price of AutoChina International Ltd’s stock.
Langston, the complaint read, received material, non-public information concerning a
registered follow-on offering of AutoChina’s stock and then used that information to sell short 29,000 shares of AutoChina in advance of the company’s public announcement on 24 March 2010 that it had completed the offering.
Langston made more than $193,108 in trading profits based upon the material, non-public information.
Langston is a resident of Miami Beach, Florida, who actively traded securities through numerous accounts owned by CRL Management and Guarantee Reinsurance at several broker-dealers.
It has been reported that he has settled with the SEC by way of paying a fine, and neither admitted nor denied the charges.
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