SEC v. Brian M. Kashman, No. LR-26359, District of Arizona (July 22, 2025) — Press Release
raw: Brian M. Kashman
Brian M. Kashman, No. 2:25-cv-02554 (July 22, 2025)
summary
Brian M. Kashman settled insider trading charges with the SEC for using nonpublic information about a Knight-Swift acquisition to earn $77,723 in profits from US Xpress stock.
paragraph
Brian M. Kashman faced SEC charges for insider trading involving US Xpress Enterprises, Inc. stock following a tip from a senior insider at Knight-Swift Transportation Holdings, Inc. He realized $77,723 in illicit profits after the stock price surged nearly 300% upon the acquisition announcement. Kashman consented to a final judgment involving disgorgement of $77,723, $12,201 in interest, and a $77,723 civil penalty for violating Section 10(b) and Rule 10b-5.
narrative
The SEC filed settled insider trading charges against Scottsdale resident Brian M. Kashman for trading US Xpress Enterprises, Inc. stock based on material, nonpublic information. Kashman learned of a potential acquisition by Knight-Swift Transportation Holdings, Inc. from a long-time friend holding a senior position at the acquiring company. Following this meeting, Kashman purchased 18,200 shares of US Xpress, which led to $77,723 in illicit profits after the stock price rose nearly 300% upon the official announcement. To resolve the charges of violating Section 10(b) of the Securities Exchange Act and Rule 10b-5, Kashman consented to a final judgment. This judgment requires him to pay $77,723 in disgorgement, $12,201 in prejudgment interest, and a $77,723 civil penalty. The settlement also imposes permanent injunctive relief and remains subject to court approval.
Classified insider-trading(confidence 99%). EDGAR detection: forms 4/3/5/144· recall 81% / precision 19%. detection rule →
Parties
PotterAlcon Laboratories, Inc.
Keywords
kashmanxpressbrian kashmansecurities exchangebriansecinsiderexchange commissionsecuritiesexchangeinformationinsider tradingmaterial nonpublickashman soldcommission
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 4
- $78K $77,723 $10K–$100K
- $78K $77,723 $10K–$100K
- $30K $30,000 $10K–$100K
- $12K $12,201 $10K–$100K
Entities 7
- company $30,000 worth of shares of a mutual fund
- person brian m. kashman
- company knight-swift transportation holdings, inc.
- agency sec investigation
- agency Securities and Exchange Commission
- person us xpress
- company us xpress enterprises, inc.
Triples 10
- Securities And Exchange Commission filed charges against Brian M. Kashman
- Brian M. Kashman traded in stock of Us Xpress Enterprises, Inc.
- Brian M. Kashman sold $30,000 worth of shares of a mutual fund
- Brian M. Kashman purchased 18,200 shares of Us Xpress at $1.67 per share
- Knight-Swift Transportation Holdings, Inc. made offer to purchase Us Xpress
- Brian M. Kashman sold all of his Us Xpress shares for $5.95 per share
- Securities And Exchange Commission charged Brian M. Kashman with violating antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
- Brian M. Kashman consented to entry of final judgment imposing permanent injunctive relief
- David Frisof and Brian Vann conducted SEC investigation
- Brian O. Quinn and Michael Brennan supervised SEC investigation
PDF (from attached: complaint)
Text layers
Extracted body text (2,496c)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26359 / July 22, 2025 Securities and Exchange Commission v. Brian M. Kashman, No. 2:25-cv-02554 (D. Ariz. filed July 21, 2025) SEC Charges Scottsdale Resident with Insider Trading The Securities and Exchange Commission on July 21, 2025, filed settled insider trading charges against Brian M. Kashman, a resident of Scottsdale, Arizona, for trading in the stock of US Xpress Enterprises, Inc. based on material, nonpublic information about the potential acquisition of US Xpress learned from a long-time friend who was an insider at the potential acquiror. According to the SEC’s complaint, filed in the U.S. District Court for the District of Arizona, Kashman met in person with his friend, who held a senior position at Knight-Swift Transportation Holdings, Inc., a trucking company headquartered in Phoenix, Arizona. The complaint alleges that the insider mentioned to Kashman that Knight-Swift was in negotiations to buy US Xpress, information the insider knew was material and nonpublic. As alleged, the insider trusted his friend to keep the information confidential and did not expect Kashman to trade on the information. The day after their meeting, the complaint alleges, Kashman sold $30,000 worth of shares of a mutual fund he held and used those proceeds, and additional funds, to purchase 18,200 shares of US Xpress at $1.67 per share. When US Xpress announced on March 21, 2023 that Knight-Swift made an offer to purchase US Xpress, the price of US Xpress stock rose nearly 300%, according to the complaint. On the following day, as alleged, Kashman sold all of his US Xpress shares for $5.95 per share, resulting in illicit profits of $77,723. The complaint charges Kashman with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Kashman, without admitting or denying the allegations in the SEC’s complaint, has consented to the entry of a final judgment imposing permanent injunctive relief, which would enjoin him from violating the charged provisions, and order him to pay disgorgement of $77,723 plus prejudgment interest of $12,201, and a civil penalty of $77,723. The judgment is subject to court approval. The SEC’s investigation was conducted by David Frisof and Brian Vann and was supervised by Brian O. Quinn and Michael Brennan, all of the SEC’s Home Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.
OCR text (2,496c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26359 / July 22, 2025 Securities and Exchange Commission v. Brian M. Kashman, No. 2:25-cv-02554 (D. Ariz. filed July 21, 2025) SEC Charges Scottsdale Resident with Insider Trading The Securities and Exchange Commission on July 21, 2025, filed settled insider trading charges against Brian M. Kashman, a resident of Scottsdale, Arizona, for trading in the stock of US Xpress Enterprises, Inc. based on material, nonpublic information about the potential acquisition of US Xpress learned from a long-time friend who was an insider at the potential acquiror. According to the SEC’s complaint, filed in the U.S. District Court for the District of Arizona, Kashman met in person with his friend, who held a senior position at Knight-Swift Transportation Holdings, Inc., a trucking company headquartered in Phoenix, Arizona. The complaint alleges that the insider mentioned to Kashman that Knight-Swift was in negotiations to buy US Xpress, information the insider knew was material and nonpublic. As alleged, the insider trusted his friend to keep the information confidential and did not expect Kashman to trade on the information. The day after their meeting, the complaint alleges, Kashman sold $30,000 worth of shares of a mutual fund he held and used those proceeds, and additional funds, to purchase 18,200 shares of US Xpress at $1.67 per share. When US Xpress announced on March 21, 2023 that Knight-Swift made an offer to purchase US Xpress, the price of US Xpress stock rose nearly 300%, according to the complaint. On the following day, as alleged, Kashman sold all of his US Xpress shares for $5.95 per share, resulting in illicit profits of $77,723. The complaint charges Kashman with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Kashman, without admitting or denying the allegations in the SEC’s complaint, has consented to the entry of a final judgment imposing permanent injunctive relief, which would enjoin him from violating the charged provisions, and order him to pay disgorgement of $77,723 plus prejudgment interest of $12,201, and a civil penalty of $77,723. The judgment is subject to court approval. The SEC’s investigation was conducted by David Frisof and Brian Vann and was supervised by Brian O. Quinn and Michael Brennan, all of the SEC’s Home Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.