Henderson healthcare CEO facing insider trading charges [Las Vegas Review-Journal]
The founder of a
The indictment, unsealed Wednesday, is the first time the
Peizer’s attorney
“Mr. Peizer is innocent,” Willingham said in a statement. “The government has clearly overreached in this case, especially since they have disregarded the good faith discussions regarding the facts and circumstances of this inquiry which took place before these cases were filed without any prior notice.”
The allegations stem from a contract between health plan giant Cigna and
In
After learning that one of Ontrak’s largest customers had concerns about its contract, Peizer is alleged to have filed his first 10b5-1 trading plan in May to sell an estimated
He was informed by a broker that he needed to go through a “cooling off” period — time between entering the plan and selling the stock — of 30 days. Instead of waiting, Peizer sought out a second broker who allowed him to move forward with the sale but warned it could “create an appearance of impropriety,” according to the indictment.
Then in
“Mr. Peizer allegedly exploited material nonpublic information and tried to shield himself with a rule designed to ensure a fair and level playing field for all investors,”
If convicted, Peizer could face a maximum penalty of 25 years in prison on the securities fraud scheme charge and 20 years in prison on each of the two insider trading charges.
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