UNITED STATES SECURITIES & EXCHANGE COM'N v. CLARK

No. 22-1157.

60 F.4th 807 (2023)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellant, v. Christopher CLARK, Defendant-Appellee, and William Wright, Defendant.

United States Court of Appeals, Fourth Circuit.

Decided: February 23, 2023.


Attorney(s) appearing for the Case

ARGUED: David Lisitza , UNITED STATES SECURITIES & EXCHANGE COMMISSION, Washington, D.C., for Appellant. Mark Davis Cummings , SHER, CUMMINGS & ELLIS, PLLC, Arlington, Virginia, for Appellee. ON BRIEF: Dan M. Berkovitz , General Counsel, Michael A. Conley , Dominick V. Freda , Assistant General Counsel, UNITED STATES SECURITIES & EXCHANGE COMMISSION, Washington, D.C., for Appellant. David E. Sher , SHER, CUMMINGS & ELLIS, PLLC, Arlington, Virginia, for Appellee.

Reversed and remanded by published opinion. Judge Quattlebaum wrote the opinion in which Judge Agee and Judge Diaz joined.


The Securities and Exchange Commission sued Christopher Clark for trading Corporate Executive Board, Inc. ("CEB") stock using inside information. The Commission alleged that Clark aggressively traded CEB stock after he received inside information about a potential merger from William Wright, Clark's brother-in-law and...

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