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Healthcare company Ontrak's CEO Peizer indicted for alleged insider trading in first-of-its-kind US DOJ charges

( March 1, 2023, 20:33 GMT | Official Statement) -- MLex Summary: Terren Peizer, chairman and chief executive of California-based Ontrak, a healthcare treatment company, was indicted for an insider trading scheme in which he fraudulently exploited Rule 10b5-1 trading plans. They are only permissible under US Securities and Exchange Commission rules if insiders trade company stock by setting up specific, predetermined plans without advance knowledge of confidential information. The DoJ indictment, and parallel civil SEC charges, allege Peizer avoided over $12.5 million in losses by entering two 10b5-1 plans while aware that Ontrak’s relationship with its then-biggest customer was deteriorating. The indictment was DoJ’s first criminal insider trading charges based exclusively on an executive’s use of 10b5-1 plans.See statements below. ...

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