Ryland Executive Settles Insider Trading Case
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The president of Ryland Group Inc.’s Dallas division agreed to pay $306,513 to settle an insider trading case, the Securities and Exchange Commission said Monday.
The SEC alleged that John D. Hutchinson avoided losses of more than $100,000 by trading on information that Calabasas-based Ryland, a home builder and mortgage finance company, would have fewer new-housing orders in the fourth quarter of 2003.
Hutchinson, 53, exercised options in Ryland stock and sold the underlying shares before the company announced the downturn, the SEC said.
Hutchinson neither admitted nor denied the allegations. He agreed to pay $101,778 for the losses he allegedly avoided, a fine of the same amount, as well as $1,179 in interest, the SEC said.
Hutchinson’s attorney and Ryland Group officials declined to comment.
The settlement was announced after the market close. Ryland shares fell $2 to $69.55 on the New York Stock Exchange.
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