Ryan Squillante, a 40-year-old resident of Weston, Connecticut, was sentenced to two months in prison for insider trading. U.S. District Judge Vernon D. Oliver also ordered Squillante to serve 18 months of supervised release and pay a fine of $331,368.
According to court records and statements made during the proceedings, Squillante worked as the Head of Equity Trading at an investment firm based in Denver, Colorado. In this role, he had access to material non-public information (MNPI) about various publicly traded companies. Between August 2022 and May 2023, he used this confidential information on 15 occasions to trade securities for his own benefit, earning profits totaling $220,912.
One example presented in court involved Praxis Precision Medicines, Inc., a clinical-stage biopharmaceutical company listed on NASDAQ. In February 2023, after receiving MNPI about Praxis's drug trial results, Squillante sold short 38,086 shares at an average price of $3.04 per share between February 27 and March 2. On March 3—following the company's public announcement that its drug failed to meet its primary endpoint—Squillante covered his short position by purchasing shares at an average price of $1.82 each, resulting in a profit of approximately $46,421.
On June 6, 2025, Squillante pleaded guilty to securities fraud charges. He is scheduled to report to prison on January 7.
The investigation was conducted by the Federal Bureau of Investigation with assistance from the Securities and Exchange Commission. Assistant U.S. Attorney Heather L. Cherry prosecuted the case.
"David X. Sullivan, United States Attorney for the District of Connecticut," announced these details.
