SEC Obtains Judgment Against Former Corporate Controller for Tipping Brother-In-Law Ahead of Merger Announcement
Litigation Release No. 25264 / November 15, 2021
Securities and Exchange Commission v. Christopher Clark and William Wright,
No. 1:20-cv-01529 (E.D. Va. filed December 11, 2020)
DEC 13, 2021 | REPUBLISHED BY LIT: DEC 14, 2021
On October 18, 2021, the U.S. District Court for the Eastern District of Virginia entered a final consent judgment against William D. Wright of Arlington, VA, the former Corporate Controller of CEB Inc., whom the SEC had charged with insider trading.
The SEC’s complaint, filed on December 11, 2020, alleged that Wright learned about an impending acquisition of his company. As alleged, Wright tipped non-public information concerning the acquisition to his brother-in-law, Christopher J. Clark of Arlington, VA. Based on the information tipped by Wright, Clark allegedly purchased highly speculative, out-of-the-money call options. The complaint further alleged that, after the public announcement of the acquisition of CEB for $2.6 billion, Clark liquidated his CEB options and made profits of over $240,000.
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