Ryan Squillante, a 40-year-old resident of Weston, Connecticut, has been sentenced to two months in prison for insider trading. U.S. District Judge Vernon D. Oliver delivered the sentence in Hartford, which also includes 18 months of supervised release and a fine of $331,368.
According to information presented in court, Squillante was employed as the Head of Equity Trading at an investment firm based in Denver, Colorado. While working from his home, he had access to material non-public information (MNPI) about several publicly traded companies. Between August 2022 and May 2023, Squillante used this confidential information on 15 occasions to execute securities transactions for personal gain, resulting in profits totaling $220,912.
One instance highlighted by prosecutors involved Praxis Precision Medicines, Inc., a clinical-stage biopharmaceutical company listed on NASDAQ. In late February and early March 2023, Squillante sold short more than 38,000 shares of Praxis after receiving MNPI about the company. When Praxis later announced unfavorable drug trial results that failed to meet primary endpoints with statistical significance, Squillante covered his short position at a lower price and made approximately $46,421 from the transaction.
Squillante pleaded guilty to securities fraud on June 6, 2025. He is scheduled to begin serving his prison sentence on January 7.
The Federal Bureau of Investigation led the investigation into the case with assistance from the Securities and Exchange Commission. Assistant U.S. Attorney Heather L. Cherry prosecuted the matter.
“David X. Sullivan, United States Attorney for the District of Connecticut,” said: “announced that RYAN SQUILLANTE, 40, of Weston, was sentenced today by U.S. District Judge Vernon D. Oliver in Hartford to two months of imprisonment, 18 months of supervised release, and a $331,368 fine for an insider trading offense.”
