The former head of equity trading at a Denver-based investment firm has been sentenced following a conviction for insider trading.
In June, Ryan Squillante, head of equity trading at Irving Investors, pleaded guilty to a charge of securities fraud in connection with alleged insider trading.
According to court filings, Squillante, who worked out of his home, received inside information about various companies in his role at the investment firm. Between August 2022 and May 2023, authorities said he traded on that information at least 15 times, generating US$220,000 in illicit profits.
In February 2023, for example, he allegedly shorted the securities of a biotech company ahead of it reporting disappointing clinical trial results.
A U.S. district court judge sentenced him to two months in jail starting in January, followed by 18 months of supervised release, and imposed a US$331,368 fine.
On Sept. 5, the U.S. Securities and Exchange Commission also settled with Squillante, who agreed to pay monetary relief determined by the court.