SEC v. Bryan Scott McMillan, No. LR-26133, Northern District of Texas (Sept. 26, 2024) — Press Release
raw: Bryan Scott McMillan
Bryan Scott McMillan, No. 4:24-cv-00919 (Sept. 26, 2024)
summary
The SEC charged Texas resident Bryan Scott McMillan with insider trading for using nonpublic information about the Apollo Endosurgery acquisition to generate $81,400 in illegal profits.
paragraph
Bryan Scott McMillan allegedly purchased 20,000 shares of Apollo Endosurgery, Inc. just before its acquisition by Boston Scientific Corp. was announced. The trades, based on material nonpublic information from his partner's employer, resulted in $81,400 in ill-gotten gains. The SEC is seeking injunctive relief, disgorgement with interest, civil penalties, and an officer and director bar.
narrative
The Securities and Exchange Commission has filed charges against Westlake, Texas resident Bryan Scott McMillan for insider trading. On November 28, 2022, McMillan allegedly learned through his domestic partner’s employer that Apollo Endosurgery, Inc. would be acquired by Boston Scientific Corp. Minutes before the market closed, he purchased 20,000 shares of Apollo stock, which surged 68 percent following the public announcement the next day. This trading activity allegedly generated $81,400 in ill-gotten gains. The SEC's complaint alleges violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The agency is seeking injunctive relief, disgorgement with prejudgment interest, civil penalties, and a bar preventing McMillan from serving as an officer or director of public companies.
Classified insider-trading(confidence 99%). EDGAR detection: forms 4/3/5/144· recall 81% / precision 19%. detection rule →
Parties
Securities and Exchange CommissionBryan Scott McMillanADR Provider
Keywords
mcmillansecbryan scottscott mcmillansecurities exchangeapollo endosurgeryexchange commissionmarket abuseabuse unitbryanscottsecuritiesexchangeapolloendosurgery
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 1
- $81K $81,400 $10K–$100K
Entities 4
- person apollo endosurgery stock
- person bryan scott mcmillan
- agency Financial Industry Regulatory Authority
- agency Securities and Exchange Commission
Triples 10
- Securities And Exchange Commission filed charges against Bryan Scott McMillan
- Bryan Scott McMillan learned that his domestic partner’s employer, Apollo Endosurgery, would be acquired
- Bryan Scott McMillan purchased 20,000 shares of Apollo Endosurgery stock
- Apollo Endosurgery stock rose by approximately 68 percent
- Bryan Scott McMillan generated $81,400 of ill-gotten gains
- Securities And Exchange Commission charges Bryan Scott McMillan with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
- Securities And Exchange Commission seeks injunctive relief, disgorgement with prejudgment interest, civil penalties and a bar preventing McMillan from serving as an officer or director of public companies
- Securities And Exchange Commission conducted investigation by Market Abuse Unit Senior Counsel Jay a. Scoggins, with assistance from John Rymas
- Securities And Exchange Commission led litigation by James P. McDonald, under supervision of Gregory a. Kasper
- Securities And Exchange Commission appreciates assistance from Financial Industry Regulatory Authority
PDF (from attached: complaint)
Text layers
Extracted body text (1,988c)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26133 / September 26, 2024 Securities and Exchange Commission v. Bryan Scott McMillan, No. 4:24-cv-00919 (N.D. Tex. filed Sept. 26, 2024) SEC Charges Texas Resident with Insider Trading The Securities and Exchange Commission today filed charges against Bryan Scott McMillan, a resident of Westlake, Texas, for insider trading in advance of the November 29, 2022 announcement that Apollo Endosurgery, Inc. would be acquired by Boston Scientific Corp. According to the SEC’s complaint, on the afternoon of November 28, 2022, McMillan learned that his domestic partner’s employer, Apollo Endosurgery, would be acquired. The SEC’s complaint further alleges that, minutes before the stock market closed, McMillan purchased 20,000 shares of Apollo Endosurgery stock on the basis of this material nonpublic information. The following day, the acquisition was publicly announced, the price of Apollo Endosurgery stock rose by approximately 68 percent, and McMillan allegedly generated $81,400 of ill-gotten gains. The case originated from the SEC Market Abuse Unit’s Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns. The SEC’s complaint, filed in federal court in the Northern District of Texas, charges McMillan with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks injunctive relief, disgorgement with prejudgment interest, civil penalties and a bar that would prevent McMillan from serving as an officer or director of public companies. The SEC’s investigation was conducted by Market Abuse Unit Senior Counsel Jay A. Scoggins, with the assistance of John Rymas of the Market Abuse Unit’s Analysis and Detection Center. The SEC’s litigation will be led by James P. McDonald, under the supervision of Gregory A. Kasper. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.
OCR text (1,988c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26133 / September 26, 2024 Securities and Exchange Commission v. Bryan Scott McMillan, No. 4:24-cv-00919 (N.D. Tex. filed Sept. 26, 2024) SEC Charges Texas Resident with Insider Trading The Securities and Exchange Commission today filed charges against Bryan Scott McMillan, a resident of Westlake, Texas, for insider trading in advance of the November 29, 2022 announcement that Apollo Endosurgery, Inc. would be acquired by Boston Scientific Corp. According to the SEC’s complaint, on the afternoon of November 28, 2022, McMillan learned that his domestic partner’s employer, Apollo Endosurgery, would be acquired. The SEC’s complaint further alleges that, minutes before the stock market closed, McMillan purchased 20,000 shares of Apollo Endosurgery stock on the basis of this material nonpublic information. The following day, the acquisition was publicly announced, the price of Apollo Endosurgery stock rose by approximately 68 percent, and McMillan allegedly generated $81,400 of ill-gotten gains. The case originated from the SEC Market Abuse Unit’s Analysis and Detection Center, which uses data analysis tools to detect suspicious trading patterns. The SEC’s complaint, filed in federal court in the Northern District of Texas, charges McMillan with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks injunctive relief, disgorgement with prejudgment interest, civil penalties and a bar that would prevent McMillan from serving as an officer or director of public companies. The SEC’s investigation was conducted by Market Abuse Unit Senior Counsel Jay A. Scoggins, with the assistance of John Rymas of the Market Abuse Unit’s Analysis and Detection Center. The SEC’s litigation will be led by James P. McDonald, under the supervision of Gregory A. Kasper. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.