Trump pardons CEO convicted in landmark insider trading case

On Jan. 16, 2026, Trump pardoned Terren Peizer, convicted of securities fraud and insider trading.

Peizer sold $20 million in Ontrak stock while knowing the company's largest customer would cancel its contract.

He avoided $12.5 million in losses by selling before the stock dropped 44%.

Judge Dale Fischer sentenced him to 42 months in prison, a $5.25 million fine, and $12.7 million forfeiture.

This was the first criminal conviction based entirely on abuse of Rule 10b5-1 trading plans.

Trump pardoned him seven months after sentencing with no public explanation.