Jerry Moyes, chief executive officer and chairman of Swift Transportation, has agreed to pay a $1.2 million settlement to the Securities and Exchange Commission in relation to charges that he engaged in insider trading.

Moyes, who will leave his position as CEO in December, has neither admitted nor denied those charges and is not required to do so as part of his settlement, the SEC said.

In November 2004, Moyes stepped down as president after he was investigated by the SEC on charges of insider training. The SEC alleges that Moyes bought 187,000 shares of stock in Swift in May of that year, just days before the company announced better than expected second quarter earnings and the board of directors expanded the company’s stock buyback plan.

Following the announcement, the company’s shares rose 20 percent and the SEC charges that Moyes made a profit of $622,000.