Weston Man Pleads Guilty to Insider Trading Offense
Ryan Squillante, a 40-year-old man from Weston, Connecticut, pleaded guilty to an insider trading offense in a federal court in Hartford, Connecticut.
According to court documents and statements made in court, Squillante was employed as the Head of Equity Trading at Irving Investors, an investment company headquartered in Denver, Colorado, while working from his home.
As a result of his position at Irving Investors, Squillante received material non-public information (“MNPI”) about various publicly traded companies. On 15 different occasions between August 2022 and May 2023, Squillante used MNPI for his own benefit by executing transactions in securities of these companies, making a total profit of $220,912.
As an example, in February 2023, Squillante received MNPI about Praxis Precision Medicines, Inc. (“Praxis”), a clinical-stage biopharmaceutical company whose common stock traded on the NASDAQ. Between February 27 and March 2, 2023, Squillante “sold short” 38,086 shares of Praxis at an average price per share of approximately $3.04.
On March 3, 2023, before the market opened, Praxis announced poor results from its drug trial, stating that the drug’s effects did not achieve its primary endpoint with statistical significance. Following the announcement, Squillante “covered” his short sale by purchasing 38,086 Praxis shares at an average price per share of approximately $1.82, making a profit of approximately $46,421.
Squillante pleaded guilty to securities fraud, an offense that carries a maximum term of imprisonment of 20 years. Judge Vernon D. Oliver scheduled sentencing for August 29, 2023.
This matter is being investigated by the Federal Bureau of Investigation with the assistance of the Securities and Exchange Commission. The case is being prosecuted by Assistant U.S. Attorney Heather L. Cherry.
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Key Facts
- State: Connecticut
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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