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The 65-year-old founder and former General Director of the Medical Service of the former Behavior, were sentenced to 42 months in prison and was sentenced to $ 17.9 million in fines and restoration, was ordered Terren Scott Peizer Only the first executor convicted of a criminal case is based on the operation Rule 10b5-1 Trade plans for the Department of Justice.
In detail in various court documents, more press messages from Peizer, ConfiDante and OnTrak to sell a trading plan to sell the OnTrak Fund and sent more angry text messages in a single-month and OnTrak executor.
All, Peizer, selling shares before some information was made public, fled the shareholder’s $ 12.5 million dollars, and the price of shares fell from 40%.
In 2003, the Miami-based company established by Peizer, had lost another great customer to previously determined in court documents AetnaOnTrak’s stock price news was removed from the personal wealth of the $ 265 million peizer after the price of OnTrak shares.
In March 2021 Press release Announcing the termination of AETNA, Peizer said that the company is still “important tails” and said that it is associated with “important tails”, according to the “important tails”, said he will manage the 2021 growth according to the Securities and Stock Exchange Commission Civil Complaint About Peizer’s trade.
Peizer, in April 2021, the CEO fell from the role, but remained as the head of the executive.
After the loss of AETNA, Peizer seems to be hopeless to try to protect a number of transactions with Cigna, and as the Executive President, the General Director of OnTrak was regularly contacted.
Behind the scenes, Peizer described himself as “corrected” in a text message due to potential loss CignaOnrak’s survival depends on the protection of relations with the survival.
David K. Willingham, Peizer’s lawyer and law firm King & Spalding’s partner Fortune The case “go-to” justice justice destroyed. Peizer has been completely announced in advance of the trading plans to the company and said that the management and compliance was confirmed.
“This procedure and this trading plans should have protected Mr. Peizer,” Willingham said. “In our opinion, this case was a massive overriach, the waste of the taxpayer dollar and was a dangerous precedent that distorts the meaning of unusual information within the business world of material and unusual data.”
Willingham said the lawsuit would complain. In both cases, it may have such a cold effect Thousands of managers Using 10B5-1 rules, most of them often plan to make a capital compensation that often forms a capital compensation.
Meanwhile, the authorities welcomed the accusation.
“Insiders should not be allowed to put their thumbs on the scales of the stock.” statement. “Those who are forced to integrity of our markets may face the term of arrest.”
Text track
In late March 2021, Peizer was found with a very disturbing text message about every side about Cigna. Kohnsize has also put the volume of emails copied; Cigna was worried about the budget overweight, lack of costs and calculations of the cost of Onrak.
The court documents show the concern of Peizer for the situation as they sounded in text messages. Ontrak wrote to the adviser: “We must only save (Cigna) and our way.” A few weeks later Peizer Ontrak CEO, “Please write (Cigna) … We will return” OnTrak “.”
By the end of April, the Peizer Consultant said that the situation with Cigna and the situation with Eeril “Eeril. “What a nightmare,” May 1, 2021 in Peizer Text.
After three days, Peizer began to look at the ways to sell OnTrak holdings, the lawsuit of the court.
Rule 10b5-1 plans are meant to provide Safe Port to the managers who want sell stock In securities of companies sold by the state they are working and earned in capital. The Sec, in 2022, has made a condition to formalize a cooling period and added a condition that everyone entering the plan of 10B5-1 does not respect the plan.
According to the authorities, Peizer contacted a broker to set up a 10B5-1 trade plan on May 4, 2021. Broker told Peizer that you have to wait 30 days for the cooling period before setting up and selling the plan. Balked in working with Peizer Broker.
Instead, he contacted another broker and asked if a solid period. On May 10, the second broker for an employee sent by email, the implementation of an employee, trade plan and the launch of any trade did not require an employee who did not require “industrial experience” for 30 days. Without a cooling period, a quick start of trade can create an image of elegance, and the peizer’s material is not inadequate information, the employee can be called to send by e-mail.
Pizer did not receive advice and set up a trade plan that day. Started selling the next working day. Authorities claimed that Peizer was approved if the 10B5-1 plan falsified by Ontrak’s head financial worker, the material was not as a result of the material insufficient information.
On May 18, after the Peizer Trade Plan, Cigna, Cigna, said he officially announced Onrak to cancel the contract by the end of the year.
Onrak’s CEO Text Victory, “(CIGNA) intends to end relations at the end of 12-31-21 … They are really strong with me. The decision was made.”
Meanwhile, this information was not disclosed to the public.
As soon as the Peizer was sold in May, OnTrak heads worked to try to agree with Cigna. Between May and July, the authorities said that Peizer earns $ 18.9 million from the sale of shares.
On July 20, 2021, Peizer wrote ontrak advisor to ask if there was any word in connection with Cigna.
The consultant said that there is no news and the income to write a press release for Onrak. “(W) Fun is never over?” The consultant wrote.
“No, but I wish you anxiety,” said Peizer. The consultant, “I also left for me – stress levels (OnTrak) tables.”
On August 13, in 2021, Peizer said he was called Ontrak’s great vice-president, leading the contract negotiations. SVP told Peizer that Cigna is likely to end his relations with Onrak.
On the same day after the call, officials, the authorities, as a second rule, established a 10b5-1 trading plan, claiming that the plan was not confirmed in response to non-financial information, he said, said they created a second government plan. The August Plan was not a cooling period, and Peizer sold the number of shares sold to 11,000 to 15,000 to 15,000 to 15,000 in the daily basis and began selling the next trade day of Peizer. Peizer, from 16 August from 16 to 18, organized a share of about $ 900,000.
The first public about Cigna was announced until the next day.
On the date of August 19, 2021, On Strak was announced in the form of 8 to the end of the agreement with the insurer. On Strak’s share price, 44%, the court notes fell.
Peizer fled $ 12.5 million in loss, and the authorities claimed that the authorities were authorized. The case is part of an initiative to determine the executive violence of the 10b5-1 trade plan of the DOJ criminal fraud.
In addition to the prison sentence, the peizer was fined $ 5.25 million and had to earn more than $ 12.7 million.
Aetna refused to comment. Cigna did not respond immediately to a request for comment.
