Trump Pardons CEO Convicted in First Rule 10b5-1 Insider Trading Case

President Trump pardoned Terren Scott Peizer on January 16, 2026, seven months after U.S. District Judge Dale Fischer sentenced him to 42 months in prison and nearly $18 million in fines and forfeitures for insider trading. Peizer, former chairman of Ontrak Inc., had been convicted in June 2024 for setting up two backdated Rule 10b5-1 trading plans within hours of learning that Cigna would cancel its contract with Ontrak, then selling $20 million in stock and avoiding $12.5 million in losses when the share price fell 44 percent. His was the first criminal conviction in U.S. history based entirely on abuse of a 10b5-1 plan. Trump issued the pardon with no public explanation.