SEC v. Bryan Scott McMillan — U.S. Securities and Exchange Commission Litigation Release No. 26454, dated December 23, 2025.
The SEC charged Bryan Scott McMillan with insider trading for illegally profiting from non-public information about Apollo Endosurgery's acquisition. McMillan purchased shares based on this tip and sold other securities. He ultimately consented to a final judgment, agreeing to pay disgorgement, prejudgment interest, and a civil penalty, and was barred from serving as an officer or director for two years.
Imagine someone learns a secret about a company, like it's going to be bought by another company. Before everyone else knows, this person buys a lot of that company's stock. When the news comes out, the stock price goes up, and they sell their shares for a profit. This is called insider trading. In this case, Bryan Scott McMillan was accused of doing just that. He agreed to pay back the money he made, plus extra, and can't be a company leader for a while.
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.
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. 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.
Named in this action: Bryan Scott McMillan.