A Weston man has been sentenced to two months in prison and a fine of more than $300,000 for an insider trading offense.
Ryan Squillante, 40, was sentenced this week by a judge in U.S. District Court in Hartford.
Squillante worked remotely as the head of equity trading at an investment company headquartered in Denver, Colorado.
According to court documents, on 15 different occasions between August 2022 and May 2023, Squillante used non-public information for his own benefit, buying and selling securities.
On one occasion, Squillante became aware that a clinical-stage biopharmaceutical company, Praxis Precision, was about to announce disappointing results from a drug trial. In the days before the public announcement about the results, he sold more than 38,000 shares at an average price per share of $3.04. After the drug trial was made public, he bought shares back at $1.82 per share.
Prosecutors say he made a total profit from all of his transactions of $220,912.
Squillante pleaded guilty to securities fraud in June. He is required to report to prison on January 7, 2026. He was also sentenced to 18 months of supervised release after his prison term.
