Insiders Score BIG: Texas Man Bets Family Funds on Secret Merger!

SEC v. Bruce Cameron Conway — U.S. Securities and Exchange Commission Litigation Release No. 26370, dated August 11, 2025.

The SEC charged Bruce Cameron Conway, a Texas resident, with insider trading. Conway learned about an impending merger of Cancer Genetics, Inc. (CGIX) while investing in a private biotech company. He then purchased CGIX shares across fifteen accounts before the merger was announced, profiting approximately $160,000 when the stock price surged 215%.

In Plain English

Imagine you hear a secret about a company, like it's about to be bought by a bigger company, which will make its stock price go way up. Before anyone else knows, you buy a lot of that company's stock using your money and money from family accounts. When the news comes out, the stock price jumps, and you quickly sell your shares, making a nice profit from the secret information. That's what the SEC says Bruce Conway did.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Investment Opportunity In July 2020, Bruce Cameron Conway was approached by his investment adviser about a potential investment in a privately-held biotechnology company, referred to as 'Private Biotech Company'.
2. Confidentiality and Merger Details Conway agreed to confidentiality terms and learned that Private Biotech Company was negotiating to merge with a publicly traded company. He was told that Private Biotech Company shareholders would own 79.9% of the merged entity.
3. Identifying the Public Company Within a week, Conway's investment adviser informed him that the public company involved in the merger was Cancer Genetics, Inc. (CGIX), a NASDAQ-traded company.
4. Purchasing CGIX Shares On July 22, 2020, the same day he invested in Private Biotech Company, Conway purchased CGIX shares. He bought these shares across fifteen different accounts, including his personal accounts, those of various family members, and family-owned trusts.
5. Merger Announcement On August 24, 2020, Cancer Genetics, Inc. publicly announced its definitive merger agreement with Private Biotech Company.
6. Stock Price Surge Following the merger announcement, the price of CGIX stock increased dramatically, rising by 215% from its previous day's closing price.
7. Selling and Profiting On the same day the merger was announced, Conway began selling his CGIX shares. His illegal insider trading activities generated approximately $160,000 in trading profits across the fifteen accounts.

The Enforcement Action

On August 7, 2025, the SEC filed charges against Bruce Cameron Conway in the U.S. District Court for the Northern District of Texas, alleging insider trading. The SEC seeks injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties. The SEC investigation was conducted by John Dwyer and supervised by Kimberly Frederick and Nicholas Heinke. Litigation is led by John Dwyer and Jodanna Haskins, supervised by Gregory A. Kasper. The SEC acknowledges the assistance of FINRA.

Named in this action: Bruce Cameron Conway.

Original SEC litigation release ↗ · Browse all cases