Ex-CEO of Nevada-based health care company Ontrak convicted of $12.5 million insider trading scheme

The former CEO of a publicly traded health care company based in Nevada has been found guilty of a multimillion-dollar insider trading scheme. A federal jury in Los Angeles convicted Terren Scott Peizer on Friday. The Justice Department says it's the first case it has prosecuted exclusively based on a special trading plan that lets company insiders create a predetermined plan to sell shares while also setting limits on certain trading practices. Authorities say Peizer violated some of those limits when he set up plans in 2021 to sell shares of Ontrak, after learning the company's largest customer was terminating its contract. One of Peizer’s lawyers says they will appeal.