SEC Files Insider Trading Charges Against Retired NYMEX Trader

​The Securities and Exchange Commission (SEC) has filed a lawsuit against Gerard Ryan, a retired trader for the New York Mercantile Exchange. The complaint, submitted on June 4, 2026, at the New York Southern District Court, alleges Ryan engaged in unlawful insider trading in the securities of biopharmaceutical company Kadmon Holdings, Inc.

The SEC alleges that on July 16, 2021, Kadmon announced FDA approval for the drug Rezurock, causing its stock price to close approximately 20% higher. Two days prior, the FDA had confidentially informed Kadmon of its plan to approve the drug. Ryan's cousin, a Kadmon manager, learned of this confidential communication on July 14 and informed Ryan that evening.

Armed with this nonpublic information, Ryan purchased approximately 16,480 Kadmon shares on July 15 and 16 before the public announcement. He also shared the tip with a friend, who also bought stock. From this illicit trading, Ryan earned roughly $9,260 in profits, while his friend gained approximately $1,170.

The SEC seeks a final judgment to permanently enjoin Ryan from violating securities laws, disgorge ill-gotten gains with interest, and impose civil penalties. In a related criminal case, Ryan pleaded guilty on March 26, 2026, to charges arising from substantially the same facts.