Gerard Ryan

Opened at stage filed

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26566 / June 15, 2026 Securities and Exchange Commission v. Gerard Ryan , No. 26-civ-4724 (S.D.N.Y. filed June 4, 2026) SEC Obtains Judgment as to Gerard Ryan for Alleged Insider Trading On June 12, 2026, the U.S. District Court for the Southern District of New York entered a bifurcated consent judgment as to Gerard Ryan of Oxford, Mississippi, whom the SEC previously charged with insider trading in the securities of biopharmaceutical company Kadmon Holdings, Inc. in advance of the company’s July 16, 2021 announcement that the Food and Drug Administration had approved Kadmon’s drug Rezurock. According to the SEC’s complaint, filed on June 4, 2026, the FDA confidentially informed Kadmon on July 14, 2021, that it planned to approve Rezurock, and, later that day, Ryan learned that confidential information from a family member who worked in Kadmon’s Commercial Sales Department at the time. The complaint alleges that, on July 15 and July 16, prior to the announcement that the FDA had approved Rezurock, Ryan bought a total of approximately 16,480 Kadmon shares. Ryan also allegedly tipped a friend who then traded in advance of the announcement. Based on the closing price for Kadmon’s stock on July 16, Ryan generated ill-gotten profits of approximately $9,260, according to the complaint. Ryan consented to the entry of the judgment, which permanently enjoins him from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The judgment reserves the issue of monetary relief for determination by the Court upon motion by the Commission. Ryan previously pled guilty to one count of securities fraud in a parallel criminal action brought by the U.S. Attorney’s Office for the Southern District of New York. The SEC’s investigation originated from the Enforcement Division’s Market Abuse Unit, which uses data analysis tools to analyze suspicious trading activity, was conducted by Cynthia A. Matthews, Neil Hendelman, Frank Milewski, John Rymas and Lindsay S. Moilanen of the SEC’s New York Regional Office and the Market Abuse Unit, and was supervised by Joseph Sansone, Chief of the Market Abuse Unit. The SEC’s litigation is being led by Elisa S. Solomon, Ms. Matthews, and Ms. Moilanen, and is being supervised by Jack Kaufman. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York and the FBI. Resources <ul class="field