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Ex-CEO of Nevada-based health care company Ontrak convicted of $12.5 million insider trading scheme (apnews.com)

submitted 6 days ago by [email protected] to c/news

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The former CEO and chairman of Ontrak, a publicly traded health care company based in Nevada, was found guilty Friday of a multimillion-dollar insider trading scheme.

A federal jury in Los Angeles convicted Terren Scott Peizer, a resident of Puerto Rico and Santa Monica, California, of one count of securities fraud and two counts of insider trading.

In a statement announcing the conviction, the Justice Department described it as the first case it has prosecuted exclusively based on what is known as Rule 10b5-1, which allows company insiders to create a predetermined plan to sell shares while also setting limits on certain trading practices.

Authorities said Peizer violated some of those limits when he set up plans in 2021 to sell shares in order to avoid more than $12.5 million in losses, after he learned that Ontrak’s largest customer at the time was set to terminate its contract with the company based just outside of Las Vegas.

After the news later became public, Ontrak’s stock price dropped by more than 44%, authorities said.

Peizer, 64, is scheduled to be sentenced in October.

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[–] [email protected] 7 points 6 days ago

Isn't it interesting that the only thing a CEO ever gets arrested for is a crime that hurts investors?