By OptionMonster 08/26/10 – 01:11 PM EDT

By David Russell, reporter at OptionMonster

CVB Financial(CVBF) gapped lower two weeks ago after getting subpoenaed by federal investigators, and one investor is positioning for further downside.

optionMONSTER’s Depth Charge tracking system detected the purchase of more than 34,000 October 5 puts on the California lender for $0.40. The activity pushed total options volume in the stock to 22 times greater than average.

CVBF fell 2.50 percent to $7.01 in afternoon trading and is down 35 percent in the last month. The company said on Aug. 10 that the U.S. Securities and Exchange Commission was investigating how it accounted for troubled loans and calculated losses.

The resulting crash drove the stock to a support level around $7, an area it briefly touched in July 2008. If it breaks this price range, some chart watchers may expect it to fall all the way to the $4.91 level where it bottomed last summer. That’s the possibility today’s put buyers apparently have in mind.

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