The founder of telehealth provider Ontrak was charged in a first-of-its-kind criminal insider-trading case, with prosecutors alleging he sold millions of dollars worth of stock while misusing a trading plan
The founder of telehealth provider Ontrak Inc. was charged in a first-of-its-kind criminal insider-trading case, with prosecutors alleging he sold millions of dollars worth of stock while misusing a trading plan that executives normally deploy to shield themselves from such suspicions.
Ontrak chief executive Terren Peizer set up the prearranged trading plans in May and August 2021, just before his company disclosed the loss of health insurer Cigna Corp. as a major customer, according to a federal grand jury indictment unsealed Wednesday. Mr. Peizer sold about 641,000 shares of Ontrak stock when he was aware of the undisclosed bad news, according to the Securities and Exchange Commission, which also sued him. When Ontrak revealed on Aug.
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