Jan 16, 2026
- Net worth
- Unknown
- Crimes
- securities fraud
- Convicted of
- Securities fraud; insider trading (two counts)
- Original sentence
- 42 months' imprisonment; three years' supervised release; $5,250,000 fine (June 23, 2025)
- Time served
- ~7 months before pardon
Background
Terren Scott Peizer is a businessman and investor who served as the CEO and Chairman of Ontrak, Inc., a publicly traded healthcare company. He was formerly an associate of Michael Milken at Drexel Burnham Lambert in the 1980s.
The Case
In March 2023, Peizer was charged with insider trading in what was the first criminal case involving the misuse of Rule 10b5-1 trading plans. Prosecutors alleged that between May and August 2021, Peizer sold over $20 million in Ontrak stock while in possession of material non-public information. Specifically, he knew that Ontrak's largest customer was planning to terminate its contract, a development that would (and did) cause the company's stock price to plummet. By selling his shares before the news became public, Peizer avoided more than $12.5 million in losses. In June 2024, a federal jury in Los Angeles convicted him of one count of securities fraud and two counts of insider trading. He was sentenced in June 2025 to 42 months in prison and ordered to pay over $17 million in fines and forfeiture.
The Pardon
On January 16, 2026, President Trump granted Peizer a full pardon.