The Securities and Exchange Commission (SEC) has filed a lawsuit against Gerard Ryan, a retired trader for New York Mercantile Exchange.

The SEC complaint, submitted on June 4, 2026 at the New York Southern District Court, alleges that Ryan was engaged in unlawful insider trading in the securities of biopharmaceutical company Kadmon Holdings, Inc.

The SEC complaint alleges that, on the afternoon of July 16, 2021, Kadmon announced that the Food and Drug Administration (FDA) had approved Belumosudil, sold under the brand name Rezurock. On the day of the Announcement, Kadmon’s stock price closed approximately 20% higher than the previous day’s close.

Two days prior to the Announcement, on the morning of July 14, 2021, the FDA confidentially informed Kadmon (by email) that it planned to approve Rezurock.

Ryan’s cousin, who was then a Kadmon Immune Hematology Manager and part of the sales team working on Kadmon’s anticipated marketing roll-out of Rezurock, learned on July 14 that the FDA had confidentially communicated to Kadmon its plan to approve Rezurock.

On the evening of July 14, Ryan learned from Cousin that the FDA planned to approve Rezurock and, armed with that nonpublic information, Ryan began trading Kadmon securities.

On July 15 and July 16, prior to the Announcement, Ryan bought a total of approximately 16,480 Kadmon shares.

Ryan also promptly shared this confidential information with a longtime friend, who likewise purchased Kadmon stock before the Announcement.

As a result of this illicit trading, Ryan earned approximately $9,260 in ill-gotten profits, and Friend earned approximately $1,170 in ill-gotten profits.

The Commission seeks a final judgment: (a) permanently enjoining Defendant from violating the federal securities laws and rules he is alleged to have violated in this Complaint; (b) ordering Defendant to disgorge all ill-gotten gains he received as a result of the violations alleged herein and to pay prejudgment interest pursuant to Exchange Act Sections 21(d)(3), 21(d)(5), and 21(d)(7) [15 U.S.C. §§ 78u(d)(3), 78u(d)(5), and 78u(d)(7)]; (c) ordering Defendant to pay civil money penalties pursuant to Exchange Act Section 21A(a) [15 U.S.C. § 78u-1(a)]; and (d) ordering any other and further relief the Court may deem just and proper.

On March 26, 2026, Ryan pleaded guilty to criminal charges filed in United States v. Ryan, 26-cr-00117-JPC (S.D.N.Y.), arising from substantially the same facts alleged in the SEC’s complaint.