SEC v. Bryan Scott McMillan (insider trading, 2024)

Settled

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In September 2024 the SEC charged Bryan Scott McMillan with insider trading in Apollo Endosurgery stock, bought on information from his domestic partner before an acquisition was announced. On December 22, 2025 he consented, without admitting or denying the allegations, to a final judgment with an injunction, a two-year officer-and-director bar, $81,400 in disgorgement, $18,260.76 in interest and a $122,100 penalty.

The record

What was ordered

Civil penalty

$122k

Disgorgement

$81.4k

Prejudgment interest

$18.3k

Total relief

$222k

Alleged gain

$81.4k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on September 26, 2024 as release LR-26133, filing in the Northern District of Texas.

The complaint alleges the stock rose about 68 percent after the November 29, 2022 announcement. The case originated in the Market Abuse Unit's data-analysis work.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Outcome. SEC litigation release LR-26454 (December 23, 2025) reports that the Northern District of Texas entered a final consent judgment against McMillan on December 22, 2025, in case 4:24-cv-919-P. He neither admitted nor denied the allegations. The judgment permanently enjoins violations of Section 10(b) and Rule 10b-5, bars him from serving as an officer or director of a public company for two years, and orders disgorgement of $81,400, prejudgment interest of $18,260.76 and a civil penalty of $122,100. This is a consent settlement, and the release mentions no criminal case.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2024-09-27 Litigation release published
2. 2025-12-22 Final consent judgment entered (reported in LR-26454)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• SEC litigation release LR-26454 (final judgment)

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.