Federal Court Dismisses SEC Insider Trading Case

On Wednesday, U.S. District Court Judge Graham Mullen dismissed on summary judgment the SEC’s case against John Mangan, Jr. alleging insider trading. The case focused on a single trade made more than six years ago in 2001 when Mangan worked for the Charlotte office of Friedman, Billings, Ramsey.  Mangan was represented in the case by George Covington of King & Spalding and James Wyatt of Wyatt & Blake, LLP. 

In a press release, Mangan stated that “I fought this case because I knew that I did nothing wrong.  I could not allow the SEC to derail my career over unfounded accusations. This ordeal has been extremely difficult for me, my entire family and my former colleagues and employees. I am proud to have my name and integrity vindicated and am eager to move on with my life.”