Litigation Releases (Ryan Squillante)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26388 / September 5, 2025

Securities and Exchange Commission v. Ryan Squillante,

No. 25-cv-01457 (D. Conn. filed Sept. 5, 2025)

SEC Charges Connecticut Resident with Insider Trading in Multiple Securities

On September 5, 2025, the Securities and Exchange Commission filed settled insider trading charges against Connecticut resident Ryan Squillante, who allegedly used confidential information that he obtained in the course of his employment at an investment firm to trade in the securities of at least ten different publicly-traded companies, earning approximately $216,965 in illegal trading profits.

According to the SEC's complaint, Squillante, who worked as Head of Equity Trading at an investment firm from May 2021 through December 2023, often obtained material nonpublic information, including information concerning potential secondary offerings of securities by publicly-traded companies, as part of his employment. In the instances in which Squillante received such material nonpublic information about a company, the complaint alleges he knew and understood he was not permitted to trade in that company's stock until either the information was disclosed to the public or the information otherwise became stale, such as by the proposed offering being withdrawn by the company. As alleged, Squillante nonetheless traded based on material nonpublic information in his personal brokerage accounts on at least eleven occasions. According to the complaint, Squillante sold short the stock of the companies about which he had obtained material nonpublic information, essentially predicting that the company's stock would decrease in value because he had information that would negatively impact the stock price.

The SEC's complaint, filed in U.S. District Court for the District of Connecticut, charges Squillante with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks injunctive relief, disgorgement, and civil monetary penalties. Squillante has consented to the entry of a judgment permanently enjoining him from violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and agreed to pay monetary relief in amounts to be determined by the Court upon motion of the Commission.

The SEC's investigation was conducted by Sarah McAteer, Kathleen Shields, and Michele T. Perillo of the SEC's Boston Regional Office and Patrick McCluskey of the Market Abuse Unit. The SEC appreciates the assistance of the Financial Industry Regulatory Authority (FINRA).