SEC v. Bryan Scott McMillan, No. LR-26454, Northern District of Texas (Dec. 23, 2025) — Press Release
raw: Bryan Scott McMillan
Bryan Scott McMillan, No. 4:24-cv-919 (Dec. 23, 2025)
summary
Bryan Scott McMillan obtained a final judgment for insider trading after using nonpublic information from his domestic partner to purchase Apollo Endosurgery, Inc. stock.
paragraph
McMillan was charged with insider trading for purchasing 20,000 shares of Apollo Endosurgery, Inc. ahead of a planned acquisition. He earned $81,400 in ill-gotten profits through trades based on material nonpublic information. The final judgment requires him to pay $81,400 in disgorgement, $18,260.76 in interest, and a $122,100 civil penalty.
narrative
Bryan Scott McMillan, a Texas resident, was charged by the SEC for insider trading involving Apollo Endosurgery, Inc. stock. McMillan utilized material nonpublic information from his domestic partner to purchase 20,000 shares just before a major acquisition announcement. This timely trade resulted in $81,400 in illicit profits. To resolve the matter, McMillan entered a final consent judgment without admitting or denying the allegations. He must pay $81,400 in disgorgement, $18,260.76 in prejudgment interest, and a $122,100 civil penalty. Additionally, he is barred from serving as a public company officer or director for two years. The investigation was spearheaded by the SEC's Market Abuse Unit using advanced data analysis tools.
Classified insider-trading(confidence 99%). EDGAR detection: forms 4/3/5/144· recall 81% / precision 19%. detection rule →
Parties
Securities and Exchange CommissionBryan Scott McMillan
Keywords
secmcmillanbryan scottscott mcmillansecurities exchangemarket abuseapollobryanscottsecuritiesinsider tradingpurchased sharesshares apolloabuse unitmarket
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 3
- $122K $122,100 $100K–$1M
- $81K $81,400 $10K–$100K
- $18K $18,260 $10K–$100K
Entities 8
- person bryan scott mcmillian
- person final judgment
- scheme_term insider trading
- person james p. mcdonald
- person jeffrey oraker
- agency sec investigation
- agency sec litigation
- agency Securities and Exchange Commission
Triples 9
- SEC Obtains Final Judgment Bryan Scott McMillian
- SEC Charged Bryan Scott McMillian
- Bryan Scott McMillian Committed Insider Trading
- Bryan Scott McMillian Purchased Apollo Endosurgery, Inc. Common Stock
- Bryan Scott McMillian Obtained $81,400 In Profits
- Bryan Scott McMillian Consented To Final Judgment
- Final Judgment Orders Payment Of $122,100 Civil Penalty
- James P. McDonald Conducted SEC Litigation
- Jeffrey Oraker Conducted SEC Investigation
PDF (from attached: judgment)
Text layers
Extracted body text (2,252c)
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 26454 / December 23, 2025Securities 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 TradingOn 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.
OCR text (2,252c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 26454 / December 23, 2025Securities 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 TradingOn 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.