Bryan Scott McMillan

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26454 / December 23, 2025

Securities and Exchange Commission v. Bryan Scott McMillan, No. 4:24-cv-919-P (N.D. Tex. filed Sept. 26, 2024)

SEC Obtains Final Judgment as to Texas Resident Charged with Insider Trading

On December 22, 2025, the U.S. District Court for the Northern District of Texas entered a final consent judgment as to defendant Bryan Scott McMillan, whom the SEC previously charged with insider trading.

The SEC’s complaint, filed on September 26, 2024, alleged that on November 28, 2022, McMillan committed insider trading when he purchased shares of Apollo Endosurgery, Inc. common stock on the basis of material nonpublic information obtained from his domestic partner, who worked at Apollo at the time. Specifically, the complaint alleged that McMillan learned that Apollo would be acquired by another company and, within minutes of learning about the planned acquisition, he sold the securities of three other companies and purchased 20,000 shares of Apollo stock right before the stock market closed. The next morning, Apollo announced that it was being acquired, which caused its share price to increase. According to the SEC’s complaint, McMillan obtained ill-gotten profits of $81,400.

Without admitting or denying the allegations in the SEC’s complaint, McMillan consented to the entry of the final judgment that permanently enjoins him from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; orders him to pay disgorgement of $81,400, prejudgment interest of $18,260.76, and a civil penalty of $122,100; and bars him from serving as an officer or director of a public company for two years.

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 litigation was conducted by James P. McDonald and Jacqueline M. Moessner, and was supervised by Gregory A. Kasper and Nicholas P. Heinke of the SEC’s Denver Regional Office. The SEC’s investigation was conducted by Market Abuse Unit staff members Jeffrey Oraker and John Rymas, and was supervised by Danielle R. Voorhees and Joseph G. Sansone, Chief of the Market Abuse Unit.