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{{Short description|American investment manager}}
{{Use mdy dates|date=October 2024}}
{{Infobox person
{{Infobox person
|name = Terren Scott Peizer
|name = Terren Scott Peizer
|image =
|image =
|image_size =
|alt =
|alt =
|caption =
|caption =
|birth_date = {{Birth date and age|1959|7|31}}<ref name="auto5">{{Cite web|url=https://www.justice.gov/criminal-vns/case/united-states-v-terren-s-peizer|title=UNITED STATES V. TERREN S. PEIZER; PENDING CRIMINAL DIVISION CASES; Court Docket: 2:23-CR-89|date=March 1, 2023|website=The United States Department of Justice}}</ref>
|birth_name =
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|birth_place = [[Beachwood, Ohio]], U.S.
|birth_date = {{birth date and age|1959|7|31}}
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|alma_mater = [[Wharton School of the University of Pennsylvania]] (B.S., Economics)
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|birth_place = [[Beachwood, Ohio]]
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|occupation = Businessperson
|residence =
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|years_active = 1983–present
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|alma_mater = [[Wharton School of the University of Pennsylvania]]
| known_for =
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|occupation = Investment banker
*former [[junk bond]] salesman at [[Drexel Burnham Lambert]] who testified against [[Mike Milken]] in securities fraud prosecution in exchange for [[Legal immunity|immunity]]
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|years_active =
*former CEO of Ontrak Inc., convicted of [[insider trading]] and [[securities fraud]]
|net_worth =
|boards =
|boards =
|religion =
|spouse =
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| criminal_charges = convicted of insider trading (two counts) and securities fraud (2024)
|children =
| criminal_penalty = Peizer faces a maximum penalty of 65 years in prison<ref name="auto23">Dave Michaels (June 21, 2024). [https://www.wsj.com/finance/regulation/jury-convicts-milken-protege-terren-peizer-of-insider-trading-7c78ba2a "Jury Convicts Milken Protégé Terren Peizer of Insider Trading; Ex-Ontrak chairman was accused of abusing trading strategy that usually shields executives against suspicions of insider trading,"] ''The Wall Street Journal''.</ref>
|parents =
| criminal_status = Peizer is slated to be sentenced on October 21, 2024.<ref name="auto23"/><ref name="auto22">{{Cite web|url=https://patch.com/california/santamonica/santa-monica-ceo-guilty-12-5m-insider-trading-scheme|title=Santa Monica CEO Guilty In $12.5M Insider Trading Scheme; The former chief executive of a publicly traded health care company used insider information to avoid losses of more than $12.5 million.|date=June 21, 2024|website=Santa Monica, CA Patch}}</ref>
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}}
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'''Terren Scott Peizer''' (born July 31, 1959) is an American businessperson.<ref name="auto7">{{Cite web|url=https://www.wsj.com/market-data/quotes/US/OTRK/company-people/executive-profile/42582270|title=OTRK.US Company Profile & Executives - Ontrak Inc.|website=The Wall Street Journal}}</ref> On June 21, 2024, he was found guilty by a California federal jury of three counts of [[insider trading]] and [[securities fraud]], following a nine-day trial. Peizer faces a maximum penalty of 65 years in prison.
'''Terren Scott Peizer''' is an investment banker who has held positions at [[Goldman Sachs]], [[First Boston]], and [[Drexel Burnham Lambert]].<ref name="GriffinMasters1997"/> He came into public view during ''[[Racketeer_Influenced_and_Corrupt_Organizations_Act#Michael_Milken|U.S. v Michael Milken]]'', "testifying in the [[insider trading|insider-trading]] case against [[Michael Milken]]".<ref>{{cite web | url=http://www.thedeal.com/content/regulatory/halcyon-cabot-accused-of-kickback-scheme-to-hide-discount-in-cell-therapeutics-pipe.php | title=Halcyon Cabot accused of kickback scheme to hide discount in Cell Therapeutics | publisher=''[[The Deal (magazine)|The Deal]]'' | date=10 August 2015 | accessdate=27 November 2015 | last=Springer | first=Paul | language=English | quote=Crede is the family office of investor Terren Peizer, who is known in part for testifying in the insider-trading case against Michael Milken, who Peizer worked with as a salesman at Drexel Burnham Lambert in the 1980s.}}</ref> Peizer later held positions at Beachwood Financial,<ref name=Lee1994/> as well as Hollis-Eden Pharmaceuticals Inc., researching the [[management of HIV/AIDS]] through pharmacotherapy.<ref name=Eaton1998/><ref name="Lubove1999">{{cite web | url=http://www.forbes.com/forbes/1999/0906/6405054a.html | title=Small world, ain't it? | publisher=''[[Forbes]]'' | date=6 September 1999 | accessdate=27 November 2015 | last=Lubove | first=Seth | archiveurl=https://web.archive.org/web/20090909081659/http://www.forbes.com/forbes/1999/0906/6405054a.html | archivedate=29 October 2015 | quote=Among them is Hollis-Eden Pharmaceuticals, an otherwise obscure San Diego biotech startup with one hopeful product: a potential treatment for HIV and other deadly viruses that could replace the current therapy of protease inhibitors and retrovirals.}}</ref> Within the pharmaceutical industry, T. Scott Peizer also worked to develop [[Prometa]], a drug used to to terminate [[drug addiction]].<ref>{{cite web | url=http://www.cbsnews.com/news/prescription-for-addiction/ | title=Prescription for Addiction | publisher=''[[60 Minutes]]'' | date=7 December 2007 | accessdate=27 November 2015 | last=Pelley | first=Scott | language=English | quote=Addicts who have tried everything and remained hopelessly hooked say their drug cravings ended almost overnight. The therapy is called "Prometa." As correspondent Scott Pelley reports, it's being promoted by Terren Peizer, a former junk bond salesman whose business is business, not medicine.}}</ref>


Peizer is the former CEO and chairman of Ontrak Inc., a publicly traded healthcare company, which he resigned from in March 2023 after US authorities charged him with insider trading and securities fraud.<ref name="auto5"/><ref name="auto4">{{Cite web|url=https://www.reuters.com/business/healthcare-pharmaceuticals/ontrak-ceo-peizer-resigns-after-being-charged-insider-trading-2023-03-03/|title=Ontrak CEO Peizer resigns after being charged for insider trading|date=March 3, 2023|publisher=Reuters}}</ref><ref name="Mobihealth">{{Cite news |last=Hackett |first=Mallory |date=November 3, 2020 |title=Ontrak deepens its behavioral health platform with LifeDojo acquisition |language=en |work=MobiHealthNews |url=https://www.mobihealthnews.com/news/ontrak-deepens-its-behavioral-health-platform-lifedojo-acquisition |access-date=November 25, 2020}}</ref> He formerly worked as a [[junk bond]] salesman at [[Drexel Burnham Lambert]], and ultimately testified against his former boss [[Mike Milken]] in Milken's securities fraud prosecution, in exchange for [[Legal immunity|immunity]] from both [[criminal prosecution]] and [[U.S. Securities and Exchange Commission|SEC]] sanctions.<ref name="auto12">{{Cite web|url=https://www.forbes.com/forbes/1999/0906/6405054a.html|title=Small world, ain't it?|website=Forbes|date=September 6, 1999}}</ref> He also held executive positions in small-cap technology, debt collection, bicycle tire, shoe importing, and biotech companies.<ref name="NYT4thImmunity">{{Cite news |last=Labaton |first=Stephen |date=December 10, 1988 |title=4th Drexel Employee in Immunity Bargain |language=en-US |work=The New York Times |url=https://www.nytimes.com/1988/12/10/business/4th-drexel-employee-in-immunity-bargain.html |access-date=November 25, 2020 |issn=0362-4331}}</ref><ref>{{cite news|url=https://www.nytimes.com/1990/10/20/business/kohlberg-kravis-official-tells-of-a-hidden-milken-stake.html|title=Kohlberg, Kravis Official Tells of a Hidden Milken Stake|newspaper=The New York Times|date=October 20, 1990 |last1=Eichenwald |first1=Kurt }}</ref>
== Early career ==
Terren Peizer held positions as an investment banker at [[Goldman Sachs]] from 1981 to 1985, as well as at [[First Boston]].<ref name="GriffinMasters1997"/><ref>{{cite web | url=http://www.marketwatch.com/investing/stock/cats/insiders?pid=42582270 | title=Terren S. Peizer | publisher=''[[MarketWatch]]'' | accessdate=27 November 2015 | year=2015 | language=English | quote=He served as a senior member of the investment banking firm of Drexel Burnham Lambert, Inc.'s High Yield Bond Department. Mr. Peizer held investment banking positions from 1981 to 1985 at Goldman, Sachs & Co.'s Risk and International Arbitrage Division as well as the First Boston Corp.'s High Yield Securities Department.}}</ref> In 1985, Terren Peizer arrived in [[Los Angeles]] and started a position at [[Drexel Burnham Lambert]], under [[Michael Milken]].<ref name="GriffinMasters1997">{{cite book | first1=Nancy | last1=Griffin | title=Hit and Run | publisher=''Simon and Schuster'' | date=17 June 1997 | accessdate=26 November 2015 | last2=Masters | first2=Kim | page=142 | language=English | isbn=9780684832661 | quote=Peizer was twenty-five years old when he arrived in Los Angels in 1985 to start his job at Drexel Burnham Lambert. ...A former salesman at First Boston, Peizer had gained Milken's favor and confidence. Peizer was given a favored position next to Milken at his large X-shaped desk and a starting salary of $3.5 million a year with other perks thrown in.}}</ref> Later, Peizer confessed that the company was involved in [[insider trading]] and provided evidence against his boss,<ref>{{cite web | url=http://community.seattletimes.nwsource.com/archive/?date=19901030&slug=1101269 | title=Milken Trial Produces Fascinating Portrait Of Drexel's Junk-Bond King | publisher=''[[The Seattle Times]]'' | date=30 October 1990 | accessdate=27 November 2015 | language=English | quote=Then it was The Moment. Terren Peizer, a young Drexel trader seated on Milken's left, was watching his boss as the words that would change both Wall Street and Milken's life forever materialized like tiny ghosts from the dark innards of his stock-quote machine: Ivan Boesky, the ticker said, had confessed to insider trading and become an informant.}}</ref> giving evidence to prosecutors for against Michael Milken and David Solomon, both of whom were employed at Drexel Burnham Lambert.<ref name="LLC1992">{{cite book | url=http://books.google.com/books?id=ieMCAAAAMBAJ&pg=PA14 | title=Another Side of the Story | publisher=''[[New York (magazine)|New York Magazine]]'' | date=20 July 1992 | accessdate=27 November 2015 | page=14 | language=English | quote=In a second example, Kornbluth shows how the Feds let themselves be conned into granting immunity to an apparently guilty Milken underling, Terren Peizer. This happened when Peizer gave prosecutors, hungry for evidence against Milken, a seemingly incriminating document that he said was written by Milken.}}</ref> Peizer's lawyer was [[Plato Cacheris]], who he hired after being subpoenæd.<ref name="Stewart2012">{{cite book | title=Den of Thieves | publisher=''Simon and Schuster'' | date=20 November 2012 | accessdate=27 November 2015 | last=Stewart | first=James B. | page=458 | language=English | isbn=9781439126202 | quote=As soon as he received his subpoena, Peizer hired a Washington lawyer, Plato Cacheris, a former partner of William Hundley, Trepp's lawyer; Cacheris had recently represented Fawn Hall in the Iran-Contra scandal. Peizer met with Cacheris in Washington, bringing with him a cache of documents from Drexel's Beverly Hills office. "I have these documents that are really damaging and I want to make a deal," Peizer said, displaying an unusual conviction and sense of purpose.}}</ref> He was granted immunity by the government.<ref name="LLC1992"/> According to Mary Zey, Milken pressured Peizer to destroy evidence.<ref name="Zey1993">{{cite book | title=Banking on Fraud: Drexel, Junk Bonds, and Buyouts | publisher=''Transaction Publishers'' | accessdate=27 November 2015 | last=Zey | first=Mary | year=1993 | page=11 | language=English | isbn=9780202364421}}</ref>


== Early life and education ==
"Peizer said he had kept a running tally on a ledger of the amounts owed between the firms" and when Ivan F. Boesky complied with the investigation, Peizer was told by Milken "to give the ledger to an associate, and it was never recovered".<ref>{{cite web | url=http://www.nytimes.com/1990/11/28/business/witness-against-milken-settles-sec-charges.html | title=Witness Against Milken Settles S.E.C. Charges | publisher=''[[The New York Times]]'' | date=28 November 1990 | accessdate=27 November 2015 | last=Eichenwald | first=Kurt | language=English | quote=In testimony at Mr. Milken's pre-sentencing hearing, Terren Peizer, a former Drexel trader, said he oversaw much of this trading. Mr. Peizer said he had kept a running tally on a ledger of the amounts owed between the firms. When Mr. Boesky agreed to cooperate with the Government, Mr. Milken told Mr. Peizer to give the ledger to an associate, and it was never recovered, Mr. Peizer said.}}</ref> Moreover, "Peizer also testified that a big Drexel customer received a personal interest in stock of Storer Communications Inc. after the company he worked for bought a large block of a Storer securities."<ref>{{cite web | url=http://articles.philly.com/1990-10-20/business/25894601_1_storer-securities-solomon-asset-management-link-milken | title=No Proof Of Bribery Is Offered Witness Fails To Link Milken | publisher=''[[Philadelphia Media Network]]'' | date=20 October 1990 | accessdate=27 November 2015 | language=English}}</ref> In this court case, ''[[Racketeer Influenced and Corrupt Organizations Act#Michael_Milken|U.S. v Michael Milken]]'', Terren Peizer was also able to provide insight into the work environment of the corporation, stating that "Drexel employees would meet in a small kitchenette so that the running water of a faucet would mask any conversations in case there were hidden microphones".<ref>{{cite web | url=http://articles.philly.com/1990-10-21/business/25895134_1_98-count-indictment-michael-r-milken-peter-gardiner | title=Prosecution In Milken Case Falters As Witnesses Forget, Aclu Criticizes - philly-archives | publisher=''[[Philadelphia Media Network]]'' | date=21 October 1990 | accessdate=27 November 2015 | last=Demick | first=Barbara | language=English | quote=Many of the Drexel group testified that an atmosphere of paranoia pervaded the trading room. Drexel employees would meet in a small kitchenette so that the running water of a faucet would mask any conversations in case there were hidden microphones, testified Terren Peizer, a former Drexel salesman.}}</ref>
Peizer's hometown is [[Beachwood, Ohio]].<ref name="LATimes Shadow">{{Cite news |last=Lee |first=Patrick |date=July 31, 1994 |title=In the Shadow of the '80s: Yesterday's High Rollers Struggle in a New Era of Sobriety |language=en-US |work=Los Angeles Times |url=https://www.latimes.com/archives/la-xpm-1994-07-31-fi-22082-story.html |access-date=November 26, 2020}}</ref> He attended [[Beachwood High School]].<ref name=cleve>{{cite news |last1=Polien Light |first1=Nina |title=An entrepreneur with heart |url=https://www.clevelandjewishnews.com/archives/an-entrepreneur-with-heart/article_3deceb1d-451b-537d-a78c-0a1511d807e0.html |access-date=February 6, 2022 |work=Cleveland Jewish News |date=May 8, 2008}}</ref> Peizer graduated with an undergraduate B.S. in Economics from the [[Wharton School of the University of Pennsylvania]].<ref name="auto7"/><ref name="Reuters" /><ref>{{Cite web|url=https://archives.upenn.edu/wp-content/uploads/2018/04/commencement-program-1982.pdf|title=University of Pennsylvania Two Hundred and Twenty-Sixth Commencement for the Conferring of Degrees|publisher=University of Pennsylvania}}</ref> He resides in [[Dorado]], [[Puerto Rico]] and [[Santa Monica, California]].<ref name="auto5"/><ref>{{Cite web|url=https://www.sec.gov/Archives/edgar/data/1136174/000162828023030794/otrks-1amendmentno2x082023.htm|title=AMENDMENT NO. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933; ONTRAK, INC.|website=Securities and Exchange Commission}}</ref>


==Prometa Criticism==
== Career ==
===Early years; Drexel, and immunity to testify against Milken===
Beginning in 2003, Terren promoted [[Prometa]], a treatment for [[methamphetamine]], [[alcohol]], and [[cocaine]] addiction. The treatment, which costs between $12,000 - $15,000, was pushed to the public before a [[double-blind]] study was performed. The treatment consisted of 3 already available drugs, [[flumazenil]], [[hydroxyzine]], and [[gabapentin]]. The treatment protocol was never FDA approved. Prometa was reported to have an "abstinence rates of between 60 percent and 80 percent" according to Hythiam, the manufacturer.<ref>{{cite web|title=Prometa Founder's Spotty Background Explored|url=http://www.drugfree.org/join-together/prometa-founders-spotty-background-explored/|publisher=DrugFree|accessdate=3 December 2015}}</ref><ref>{{cite web|last1=Huus|first1=Kari|title=Unproven meth, cocaine 'remedy' hits market|url=http://www.nbcnews.com/id/15310599/|accessdate=3 December 2015}}</ref> A 60 Minutes report found that a lot of clinics and doctors who were backing Prometa were financially involved with the company.<ref>{{cite web|title=Prescription For Addiction|url=http://www.cbsnews.com/news/prescription-for-addiction/|accessdate=3 December 2015}}</ref> A later independent study that was published in the journal Addiction showed that Prometa was "no more effective than placebo."<ref>{{cite web|last1=Ling|first1=Walter|title=Double-blind placebo-controlled evaluation of the PROMETA™ protocol for methamphetamine dependence|url=http://onlinelibrary.wiley.com/doi/10.1111/j.1360-0443.2011.03619.x/abstract|publisher=Addiction|accessdate=3 December 2015}}</ref> Peizer, who made the following statement, was criticized for marketing Prometa without solid scientific evidence.<ref>{{cite web|last1=Humphreys|first1=Keith|title=The Rise and Fall of a “Miracle Cure” for Drug Addiction|url=http://www.washingtonmonthly.com/ten-miles-square/2012/01/the_rise_and_fall_of_a_miracle034965.php|publisher=Washington Monthly|accessdate=3 December 2015}}</ref>
Out of college in 1983, Peizer worked for a few months at [[Goldman Sachs]] when he was 21 years old.<ref name="auto6">{{Cite web|url=https://www.ft.com/content/0a74de62-2758-4590-9c1f-6d18aef8f6d4|title=One-time Milken associate now at centre of novel insider trading case; US authorities accuse investor of violating rules on stock sales plans for corporate executives|date=March 20, 2023|work=The Financial Times|author=Sujeet Indap}}</ref><ref name="Reuters">{{Cite news |title=Catasys Inc (CATS.OQ) |work=Reuters |url=https://in.reuters.com/finance/stocks/company-officers/CATS.OQ |access-date=November 25, 2020}}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}}</ref> Later that year he worked for a stint at [[First Boston]] as a [[high yield bond]] salesman.<ref name="auto6"/>
{{quotation|If you had a son. If you had a son or a daughter, and maybe you do. If he’s strung out on meth. And he’s going to kill himself. Would you, if you had the opportunity. And I said to you, will you treat your son with Prometa?…Would you take that option for your son?<ref>{{cite web|title=Prescription For Addiction|url=http://www.cbsnews.com/news/prescription-for-addiction/|publisher=CBS News|accessdate=3 December 2015}}</ref>}}


[[Michael Milken]] hired Peizer as a [[junk bond]] salesman at [[Drexel Burnham Lambert]] in 1985.<ref name="auto2"/><ref>{{Cite web|url=https://www.tampabay.com/archive/1990/10/20/dow-up-again/|title=Dow Up Again|website=Tampa Bay Times|date= October 20, 1990}}</ref> His job was to manage the Drexel account of the president of high-yield mutual fund manager Solomon Asset Management, with whom Drexel had an illegal arrangement that included insider trading and phony tax losses.<ref>{{cite web | url=https://books.google.com/books?id=z-gCAAAAMBAJ&dq=Terren+Peizer&pg=PA45 | title=The Insider|work=New York Magazine | date=September 16, 1991 }}</ref><ref>{{Cite book|url=https://books.google.com/books?id=a9_Z413-J1IC&dq=Terren+Peizer+%22first+boston%22&pg=PA258|title=Den of Thieves|first=James B.|last=Stewart|date=2012|publisher=Simon and Schuster|isbn=9781439126202}}</ref><ref>{{Cite web|url=https://www.nytimes.com/1990/11/28/business/witness-against-milken-settles-sec-charges.html|title=Witness Against Milken Settles S.E.C. Charges|first=Kurt|last=Eichenwald|date=November 28, 1990|work=The New York Times}}</ref><ref name="LATimes Shadow" /><ref name="auto3">David A. Vise (September 12, 1989). [https://www.washingtonpost.com/archive/business/1989/09/12/new-charges-against-milken-expected/d86dabac-98f1-4a91-a2a4-628b939860c5/ "New Charges against Milken Expected"], ''The Washington Post''.</ref><ref>{{cite book |last=Kornbluth|first=Jesse|title=Highly confident: The Crime and Punishment of Michael Milken|page=213|year=1992|publisher=[[William Morrow and Co.]]}}</ref> Peizer worked directly under (and at the same desk as) Milken and admired him, sometimes pretending to be him on the phone, and calling him "Dad".<ref>{{cite book|url=https://books.google.com/books?id=2xclCwAAQBAJ&q=dancing%20at%20the%20predator's%20ball%20peizer&pg=PA143|title=Hit & Run: How Jon Peters and Peter Guber Took Sony for a Ride in Hollywood|isbn=9781439128046|last1=Griffin|first1=Nancy|last2=Masters|first2=Kim|date= 2016|publisher=Simon and Schuster }}</ref>
== Later investments ==
In 1987, Peizer was involved in the [[Barris Industries]] merger with [[Peter_Guber#PolyGram_Filmed_Entertainment_and_the_Guber-Peters_Company|Guber-Peters Co.]]. He was credited for giving Burt Sugarman, who had 31% of shares, the voting rights on all of John Peters and Peter Guber's shares.<ref>{{cite book | first1=Nancy | last1=Griffin | title=Hit and Run | publisher=''Simon and Schuster'' | date=17 June 1997 | accessdate=26 November 2015 | last2=Masters | first2=Kim | page=149 | language=English | isbn=9780684832661</ref><ref>{{cite web|title=Barris to Buy Guber-Peters|url=http://www.nytimes.com/1987/12/15/business/barris-to-buy-guber-peters.html|accessdate=3 December 2015}}</ref> Following his departure with Drexel Burnham Lambert, Peizer, from 1993 to 1997, managed "his own investments through a private holding company, Beachwood Financial, named after [[Beachwood, Ohio|his hometown]] in Ohio".<ref name="Lee1994">{{cite web | url=http://articles.latimes.com/1994-07-31/business/fi-22082_1_high-rollers | title=In the Shadow of the '80s : Yesterday's High Rollers Struggle in a New Era of Sobriety | publisher=''[[Los Angeles Times]]'' | date=31 July 1994 | accessdate=27 November 2015 | last=Lee | first=Patrick | language=English}}</ref> In the latter part of the 1990s, Peizer served as the president of Hollis-Eden Pharmaceuticals Inc., being "passionate about the prospects for its anti-AIDS drugs".<ref name="Eaton1998">{{cite web | url=http://www.nytimes.com/1998/02/17/business/market-place-no-sales-but-watch-the-stock-soar.html | title=Market Place; No Sales, but Watch the Stock Soar | publisher=''[[The New York Times]]'' | date=17 February 1998 | accessdate=27 November 2015 | last=Eaton | first=Leslie | language=English | quote=Now Mr. Peizer has turned up as the president of Hollis-Eden Pharmaceuticals Inc., a fledgling drug company with a stock that has soared 170 percent this year, to $16.75 on Friday. While biotechnology stocks have been making something of a comeback lately, the Nasdaq index of these shares, which includes Hollis-Eden, has risen just 5.7 percent this year. While Hollis-Eden's market value, $112 million, might seem big for a company with no sales, much less earnings, Mr. Peizer is passionate about the prospects for its anti-AIDS drugs, and he is a persuasive salesman. ''This is a once in a lifetime opportunity for me,'' he said last week. ''We have something special.''}}</ref>


When investigations into Milken's illegal activities began, Peizer starting in 1988 provided material evidence to prosecutors against Milken and Solomon.<ref>[https://www.sechistorical.org/collection/papers/1980/1989_0413_USBoeskySupplemental.pdf "DEFENDANT' S SUPPLEMENTAL MEMORANDUM OF LAW IN SUPPORT OF MOTION FOR REDUCTION OF SENTENCE Pursuant to Rule 35(b)"], ''US v. Boesky'', United States District Court for the Southern District of New York, April 13, 1989.</ref> At Milken's pre-sentencing hearing for [[securities fraud]] in 1990, Peizer testified against Milken in exchange for [[Legal immunity|immunity]] from both [[criminal prosecution]] and [[U.S. Securities and Exchange Commission|SEC]] sanctions.<ref name="NYT4thImmunity"/><ref>{{Cite book|url=https://books.google.com/books?id=gm5QDwAAQBAJ&dq=%22milken%22+%22peizer%22&pg=PA11|title=Banking on Fraud: Drexel, Junk Bonds, and Buyouts|first=Mary|last=Zey|date=September 29, 2017|publisher=Routledge|isbn=9781351314831}}</ref><ref name="auto3"/><ref name="auto2"/><ref name="auto6"/> Milken pled guilty and served nearly two years in prison.<ref name="auto22"/><ref>{{Cite web|url=https://www.ft.com/content/0a74de62-2758-4590-9c1f-6d18aef8f6d4|title=One-time Milken associate now at centre of novel insider trading case|website=www.ft.com}}</ref>
Peizer currently serves as the chairman and chief executive officer for Catasys, Inc., which "provides specialized healthcare management services to health plans and employers".<ref>{{cite web | url=http://www.themiddlemarket.com/news/restructurings/turnaround-tuesday-struggling-behavioral-health-services-provider-catasys-255992-1.html | title=Turnaround Tuesday: Struggling Behavioral Health-Services Provider Catasys Raises Cash | publisher=''The Middle Market'' | date=28 April 2015 | accessdate=27 November 2015 | last=Collins | first=Allison | language=English}}</ref>


===Investor and executive in small-cap companies===
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== References ==
After Drexel, Peizer became a private investor in a series of small companies.<ref name="auto2"/>
{{reflist|2}}


====1989–2000====
== External links ==
In 1989 Peizer purchased the [[Omaha Racers]], a minor league basketball team, but it struggled financially.<ref>{{cite news |title=Omaha CBA team sold to Los Angeles banker |url=https://www.newspapers.com/clip/15283269/the-lincoln-star/ |accessdate=August 11, 2020 |work=The Lincoln Star |date=September 7, 1989 |page=18}}</ref> He sold the team the following year.<ref>{{Cite web|url=https://i80sportsblog.com/cba-basketball-from-the-horses-mouth-steve-idelman-omaha-racers/|title=CBA Basketball From The Horse's Mouth - Steve Idelman On The Omaha Racers|first=Paul|last=Eide|date=September 6, 2020}}</ref>
*[http://catasys.com/boardofdirectors.htm Catasys: Board of Directors]

In 1991 he gained control of plastics company '''UTI Chemicals Inc.''', which had 26 employees, and became its president for a salary of $100,000; the company had a loss of over three million dollars each of the following two years.<ref>Elizabeth Walsh (2016). [https://books.google.com/books?id=ZbBkDAAAQBAJ&dq=%22peizer%22+%22uti+chemicals%22&pg=PA1800 ''The Corporate Directory of US Public Companies 1995''].</ref><ref name="LATimes Drexel Figure">{{Cite news |last=Michaud |first=Anne |date=April 10, 1991 |title=Drexel Figure Gains Control of UTI Chemicals |language=en-US |work=The Los Angeles Times |url=https://www.latimes.com/archives/la-xpm-1991-04-10-fi-357-story.html |access-date=November 25, 2020}}</ref> He stepped down as its chairman in 1994.<ref name="Jim Orefice">{{Cite news |date=February 7, 1994 |title=Jim Orefice has been appointed chairman... |language=en-US |work=The Los Angeles Times |url=https://www.latimes.com/archives/la-xpm-1994-02-07-fi-20114-story.html |access-date=November 26, 2020}}</ref>

In June 1991 Peizer purchased $3.5 million of [[convertible debenture]]s from '''Candies, Inc.''' (formerly known as '''Millfeld Trading Co.'''; a shoe importing and marketing business), and became a director of the company.<ref name="auto16">{{Cite web|url=https://casetext.com/case/food-allied-serv-v-millfeld|title=''Food Allied Serv. v. Millfeld'', 841 F. Supp. 1386|website=United States District Court, S.D. New York|date=January 5, 1994}}</ref><ref>[https://books.google.com/books?id=5Ltd1hu4G4wC&dq=%22terren%22+%22peizer%22+%22millfield%22&pg=PA154 ''Official Summary of Security Transactions and Holdings Reported to the Securities and Exchange Commission Under the Securities Exchange Act of 1934 and the Public Utility Holding Company Act of 1935''], Volume 57, Issues 9-10, U.S. Securities and Exchange Commission.</ref> He had by that time already purchased 135,000 shares of the company's common stock, and when he became a director he received [[Warrant (finance)|warrant]]s to purchase 1.1 million shares of the company's common stock at $10.00 per share.<ref name="auto16"/><ref name="auto2"/> Peizer divested himself of over 90% of his stock in the company on September 23, 1991, one day before the company publicly acknowledged that it had materially underpaid its [[United States Customs Service|customs obligation]]s and faced a $1.6 million liability.<ref name="auto16"/> In early 1992, the price of the company stock collapsed after the company disclosed that it was being investigated by federal prosecutors for systematic underpayment of its [[customs duties]], and Peizer thereafter resigned as a director.<ref name="auto16"/>

Peizer purchased an interest of over 50% in '''Urethane Technologies''', a small-cap company which manufactured and sold a bicycle tire that it claimed would not go flat, and named himself Chairman.<ref name="auto12"/><ref>[https://books.google.com/books?id=ApGZwrQOBf0C&dq=%22Urethane%22+Technologies+%22peizer%22+%22terren%22&pg=PA613 ''Official Summary of Security Transactions and Holdings Reported to the Securities and Exchange Commission Under the Securities Exchange Act of 1934 and the Public Utility Holding Company Act of 1935''], Volume 60, Issue 5, United States Securities and Exchange Commission, 1994.</ref> He sold his shares in 1993 at what was reported to be a $6 million profit, and the company never delivered, lost money, and went bankrupt in 1997.<ref name="auto12"/><ref name="auto14">{{Cite web|url=http://www.nbcnews.com/health/health-news/unproven-meth-cocaine-remedy-hits-market-flna1C9444547|title=Unproven meth, cocaine 'remedy' hits market|website=NBC News|date=February 5, 2007|author= Kari Huus}}</ref>

In 1993 he acquired a 37% share of now-defunct computer parts producer [[CMS Enhancements]]. He was elected chairman of the company, and held the position for two years.<ref>{{cite web|url=https://www.latimes.com/archives/la-xpm-1993-12-10-fi-835-story.html|title=CMS Enhancements Names New Top Management Team|newspaper=LA Times|date=December 10, 1993|author=James M. Gomez }}</ref>

In the mid-1990s Peizer played a role in now-defunct [[Towers Financial Corporation]]. The company was a [[debt collection]] agency [[Ponzi scheme]] founded by fraudster [[Steven Hoffenberg]], with which [[Jeffrey Epstein]] was involved.<ref name="auto2"/><ref>{{Cite web|url=https://www.nytimes.com/1995/07/20/business/creditors-in-a-big-ponzi-scheme-say-they-ve-been-taken-again.html|title=Creditors in a Big Ponzi Scheme Say They've Been Taken Again|first=Diana B.|last=Henriques|date=July 20, 1995|work=The New York Times}}</ref><ref>{{Cite web|url=https://books.google.com/books?id=FQk-AQAAIAAJ&q=%22peizer%22+%22towers+financial%22|title=Broker-dealer Litigation ... Annual Survey|date=March 28, 1999|publisher=[[American Bar Association]], Litigation Section}}</ref>

Peizer purchased an interest in '''Advanced Promotion Technologies''', which manufactured electronic barcode coupon machines for checkout lines.<ref name="auto12"/> He subsequently sold his shares, and the company then went bankrupt in 1996.<ref name="auto12"/>

From 1997 to 1999, Peizer was president of '''Hollis-Eden''', a startup pharmaceutical company.<ref name="auto2"/><ref name="auto12"/><ref name="auto1">{{Cite web|url=https://g.foolcdn.com/dtrouble/1999/dtrouble990611.htm|title=Hollis-Eden Pharmaceuticals (Daily Trouble) |date=June 11, 1999|website=Fool.com|author=Louis Corrigan}}</ref> ''[[The New York Times]]'' covered the company and his involvement in it in an article entitled: "No Sales, but Watch the Stock Soar".<ref name="auto2"/> By 1998 the company still had no sales or earnings.<ref name="auto2"/> That year Peizer said: "This is a once in a lifetime opportunity for me. We have something special."<ref name="auto14"/> Peizer resigned from the company in March 1999 concurrently with the dismissal of its CEO [[Richard B. Hollis]] [[for cause]].<ref name="auto12"/><ref name="auto2">{{cite news|url=https://www.nytimes.com/1998/02/17/business/market-place-no-sales-but-watch-the-stock-soar.html|title=Market Place; No Sales, but Watch the Stock Soar|newspaper=The New York Times|date=February 17, 1998 |last1=Eaton |first1=Leslie }}</ref><ref name="auto1"/> By September 1999 the company's stock was at $13.50, 47% lower than its 52-week high.<ref name="auto13"/>

In 1999 Peizer raised money for and invested in '''Tera Computer Company''', an unprofitable 112-employee manufacturer of supercomputers.<ref>[https://www.edn.com/tera-gets-finance-facelift/ "Tera Gets Finance Facelift,"] EDN, July 12, 1999.</ref><ref>[https://www.bizjournals.com/seattle/stories/1999/06/21/daily5.html "Tera lands $30M in financing,"] ''Puget Sound Business Journal'', June 22, 1999.</ref> The money that was raised allowed Tera to later buy the remains of [[Cray Research]], and Peizer was its chairman and a director from 1999 to 2000.<ref>{{Cite web|url=https://labusinessjournal.com/news/buyout-la-financier-reemerges-as-key-player-in/|title=BUYOUT-L.A. Financier Reemerges as Key Player in Cray Deal|date=March 5, 2000|work=Los Angeles Business Journal}}</ref><ref>{{Cite web|url=https://www.forbes.com/forbes/2000/0403/6508060a.html|date=April 3, 2000|title=Megaflop|website=Forbes}}</ref><ref>{{Cite web|url=https://www.hpcwire.com/1999/07/02/people-and-positions-tera-elects-new-chairmain-sgi-names-new-sales-mktg-vp-emc-appts-new-vp-global-mktg/|title=People and Positions: Tera Elects New Chairmain. SGI Names New Sales/Mktg VP. EMC Appts New VP, Global Mktg.|first=John|last=Shandor|date=July 2, 1999|website=HPCwire}}</ref><ref>{{cite web|url=https://labusinessjournal.com/news/2000/mar/06/buyout-la-financier-reemerges-as-key-player-in/|title=L.A. Financier Reemerges as Key Player in Cray Deal|newspaper=Los Angeles Business Journal|date=March 5, 2000 }}</ref> He stepped down as chairman in 2000.<ref name="WSJ"/> Tera said the reason was that Peizer would otherwise have been required to obtain a [[security clearance]] from the [[US Department of Defense]] by the end of 2000 to transfer Cray's classified government business to Tera by then, and Tera did not think that would happen.<ref name="WSJ">{{Cite news |date=December 26, 2000 |title=Technology Briefs |language=en-US |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB977801943712445761 |access-date=November 25, 2020 |issn=0099-9660}}</ref>

====2001–present====
In 2004 Peizer founded '''Hythiam Inc.''', a tiny pharmaceutical company, from which in 2006 when he was majority shareholder he received $1.3 million in compensation.<ref>{{Cite web|url=http://www.treatmentmagazine.com/component/content/article/7-newswires/99-hythiam-svp-lamacchia-latest-in-long-string-of-company-layoffs.html|title=Hythiam EVP Lamacchia in long string of company layoffs|work= Treatment Magazine|date=November 21, 2019|archive-url=https://web.archive.org/web/20191121131429/http://www.treatmentmagazine.com/component/content/article/7-newswires/99-hythiam-svp-lamacchia-latest-in-long-string-of-company-layoffs.html |archive-date=November 21, 2019 }}</ref><ref name="auto13">{{Cite web|url=https://www.wsj.com/articles/SB113115427427989094|title=Curb Your Cravings For This Stock|first=Bill|last=Alpert|website=The Wall Street Journal|date=November 7, 2005}}</ref><ref name="Bartholomew">{{cite news |last1=Bartholomew |first1=Dana |title=Catasys Thrives on Data Dives |url=https://labusinessjournal.com/news/2018/dec/07/catasys-thrives-data-dives/ |accessdate=August 12, 2020 |work=Los Angeles Business Journal |date=December 7, 2018}}</ref> The firm bought the rights to an ineffective addiction treatment, and marketed it.<ref name="Barrons Curb">{{Cite news |last=Alpert |first=Bill |title=Curb Your Cravings For This Stock |language=en-US |work=Barrons |url=https://www.wsj.com/articles/SB113115427427989094 |access-date=November 26, 2020}}</ref> Despite the fact that no [[Placebo-controlled study|placebo-controlled]] or [[double-blind]] study or [[Scholarly peer review|peer-reviewed publication]] of its "[[Prometa]]" (the marketing name for Gabasync) approach had been undertaken, and although no [[FDA approval]] had been obtained, Hythiam advertised the "innovative, medically based treatment" (which could cost $15,000 per patient) and franchised doctors to use Prometa, in exchange for a per-patient fee.<ref name="auto15">{{Cite web|url=https://www.cbsnews.com/news/prescription-for-addiction/|title=Prescription For Addiction|website=CBS News|date=December 7, 2007}}</ref><ref name="auto13"/> ''[[Barron's (newspaper)|Barrons]]'', in a November 2005 article entitled "Curb Your Cravings For This Stock", wrote "If the venture works out for patients and the investing public, it'll be a rare success for Peizer, who's promoted a series of disappointing small-cap medical or technology stocks ... since his days at Drexel".<ref name="auto13"/> Peizer said: "Hythiam is my biggest triumph. If it's the only thing I did, then my life would have been a tremendous success."<ref name=cleve/> Journalist [[Scott Pelley]] said to him in 2007: "Depending on who you talk to, you're either a revolutionary or a [[snake oil salesman]]."<ref name="auto15"/> ''[[60 Minutes]]'', ''[[NBC News]]'', and ''[[The Dallas Morning News]]'' criticized Peizer after the company bypassed [[clinical studies]] and government approval when bringing to market Prometa; the addiction drug proved to be completely ineffective.<ref name="auto14"/><ref>{{Cite web|url=http://washingtonmonthly.com/2012/01/24/the-rise-and-fall-of-a-miracle-cure-for-drug-addiction/|title=The Rise and Fall of a "Miracle Cure" for Drug Addiction|first=Keith|last=Humphreys|date=January 24, 2012|work=Washington Monthly}}</ref><ref name="60 Minutes">{{Cite news |date=December 9, 2007 |title=Prescription For Addiction |work=60 Minutes |publisher=CBS News |url=https://www.cbsnews.com/news/prescription-for-addiction/ |access-date=August 22, 2008 |url-status=live |archive-url=https://web.archive.org/web/20071231045158/http://www.cbsnews.com/stories/2007/12/07/60minutes/main3590535.shtml |archive-date=December 31, 2007}}</ref><ref name="Dallas">{{Cite news |last=Ramshaw |first=Emily |date=January 20, 2008 |title=Texas' Prometa program for treating meth addicts draws skeptics |work=Dallas Morning News |url=https://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/012108dntexprometa.2c2f801.html |archive-url=https://web.archive.org/web/20101027101333/https://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/012108dntexprometa.2c2f801.html |archive-date=October 27, 2010}}</ref> Journalist [[Adam Feuerstein]] opined: "most of what Peizer says is dubious-sounding hype".<ref>[[Adam Feuerstein]] (November 13, 2007). [https://www.thestreet.com/investing/stocks/biotech-notebook-hythiam-shire-genentech-10389850 "Biotech Notebook: Hythiam, Shire, Genentech; Talk is proving cheap at Hythiam,"] ''TheStreet''.</ref> In June 2008, Hythiam had generated a net loss each year for 5 straight years, and while its stock had traded at $61.26 a share in 2007, it traded at $0.18 per share three years later (a 99.7% drop).<ref name="auto10">{{Cite web|url=https://www.prisonlegalnews.org/news/2008/jun/15/junk-bonds-to-junk-science-drug-treatment-program-questioned/|title=Junk Bonds to Junk Science? Drug Treatment Program Questioned |website=Prison Legal News|date=June 15, 2008}}</ref><ref>{{Cite web|url=https://www.google.com/search?q=Hythiam+stock+price|title=Hythiam stock price|website=}}</ref><ref>{{Cite web |title=Percentage Calculator |url=https://www.thecalculator.website/percentage-calculator |access-date=April 25, 2024 |website=The Calculator Website |language=en}}</ref> According to independent investment research firm [[Morningstar, Inc.|Morningstar]]: "Over the long haul, this company has posted some of its industry's worst returns on assets."<ref name="auto10"/>

In 2018, Peizer became CEO and chairman of '''BioVie''', a pharmaceutical company of which he was majority shareholder (his ownership was 88% as of June 2021).<ref name="auto17">Jim Halley (March 2, 2023). [https://www.nasdaq.com/articles/why-shares-of-biovie-jumped-51.7-in-february "Why Shares of BioVie Jumped 51.7% in February,"] NASDAQ.</ref><ref>{{Cite web|url=https://fintel.io/so/us/bivi/peizer-terren-s|title=Peizer Terren S ownership in BIVI / BioVie Inc - 13F, 13D, 13G Filings|website=Fintel.io}}</ref> In 2021 the company entered into an agreement to buy a product from another company he controlled, NeurMedix, for up to $10 million and over 8 million BioVie shares; that led to a 15% share price drop in one day to $18.30 a share, and in April 2023 the company's share price was down to $8.08.<ref>{{Cite web|url=https://contracts.justia.com/companies/biovie-inc-4531/contract/268330/|title=Amendment No. 2 to Asset Purchase Agreement, dated January 13, 2023, by and between BioVie Inc. and Acuitas Group Holdings, LLC, and Acuitas Group Holdings, LLC, solely for purposes of Section 10.16 of the Agreement &#124; BIOVIE INC.|website=Justia}}</ref><ref>{{Cite web|url=https://www.investorsobserver.com/news/stock-update/biovie-bivi-stock-drops-after-finalizing-asset-purchase-agreement-with-neurmedix-inc|title=BioVie (BIVI) Stock Drops After Finalizing Asset Purchase Agreement With NeurMedix, Inc.|date=April 28, 2021 |author= Carl Pettit |website=Investors Observer}}</ref><ref>{{Cite web|url=https://www.investorsobserver.com/symbols/bivi|title=BIVI Stock Analysis: Price, Forecast, and News|website=Investors Observer}}</ref> He resigned on March 2, 2023, the day after he was criminally indicted, at which point the company had not yet received any revenue, and had lost $26 million in 2022.<ref name="SPGlobal">{{Cite news |last=Iral |first=Vince |date=July 4, 2018 |title=BioVie sells stock, warrants to Acuitas, names CEO |language=en-us |work=S&P Global |url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/y_o_oHF3J2IzKQBfejNCIg2 |access-date=November 25, 2020}}</ref><ref name="auto17"/>

In March 2021 Peizer became the controlling shareholder and board Executive Chairman of '''EVmo''', a technology-enabled [[fleet management]] and rental company, which had a share price of $5.45 the prior month.<ref name="auto11">{{Cite web|url=https://www.google.com/search?q=evmo+price+history|title=EVmo price history|website=}}</ref><ref name="auto8">{{Cite web|url=https://www.axios.com/pro/climate-deals/2023/02/17/evmo-board-director-terren-peizer-resigns-loan-default|title=EVmo loses its board chairman amid loan default|first=Megan|last=Hernbroth|date=February 17, 2023|website=Axios}}</ref><ref name="auto9">{{Cite press release|url=https://www.globenewswire.com/fr/news-release/2021/03/03/2186243/0/en/EVmo-Inc-Formerly-YayYo-Inc-Announces-that-Acuitas-Group-Holdings-LLC-has-closed-the-transaction-with-X-LLC-and-has-become-the-Largest-and-Controlling-Stockholder-in-the-Company.html|title=EVmo, Inc., Formerly YayYo, Inc., Announces that Acuitas Group Holdings, LLC, has closed the transaction with, X, LLC and has become the Largest and Controlling Stockholder in the Company|date=March 3, 2021|website=GlobeNewswire News Room}}</ref> He resigned as EVmo Chairman on February 17, 2023, as the company [[Default (finance)|defaulted]] on a $7.5 million loan, and its stock price had declined to $0.17 per share.<ref name="auto8"/><ref name="auto9"/><ref name="auto11"/>

He is the founder and CEO of '''Acuitas Group Holdings''' (of which he is the sole shareholder), biotech company '''NeurMedix''' (of which he was the sole shareholder, and which in 2021 made a multi-million dollar sale to BioVie, of which Peizer was CEO), and blockchain company '''Casperlabs'''.<ref name="Reuters" /><ref>{{Cite web|url=https://www.biospace.com/article/biovie-acquires-biopharma-assets-from-privately-held-neurmedix/|title=BioVie Acquires Biopharma Assets from Privately Held NeurMedix|website=BioSpace|date=April 27, 2021}}</ref>

===Ontrak; Indictment and conviction===

Until his 2023 indictment, he was CEO and chairman of '''Catasys, Inc.''' (later renamed '''Ontrak Inc.'''), a publicly traded healthcare company that he had founded in 2003.<ref>{{Cite web|url=https://www.lexology.com/library/detail.aspx?g=d852e2cb-3338-435f-8475-8a9d1120b2ec|title=DOJ and SEC bring charges for insider trading and fraudulent scheme using purported 10b5-1 plans|first=Cydney S.|last=Posner|date=March 6, 2023|website=Lexology}}</ref><ref name="auto6"/><ref name="auto18">{{Cite web|url=https://www.businesswire.com/news/home/20200706005545/en/Catasys-Inc.-is-now-Ontrak-Inc.|title=Catasys, Inc. is now Ontrak, Inc.|website=Business Wire|date=July 6, 2020}}</ref> Peizer was also Ontrak’s biggest shareholder.<ref name="auto23"/> His 2018 compensation at the company was $2.4 million, over twice that of CEOs of similar companies.<ref name="auto21">{{Cite web|url=https://finance.yahoo.com/news/catasys-inc-nasdaq-cats-ceo-114545120.html|title=Is Catasys, Inc.'s (NASDAQ:CATS) CEO Overpaid Relative To Its Peers?|website=Yahoo Finance|date=January 14, 2020}}</ref>

On March 1, 2023, after an [[FBI]] investigation, Peizer was charged with [[insider trading]] by the SEC, which alleged that he sold $20 million of Ontrak Inc. stock in 2021 while he was in possession of material nonpublic negative information related to the company's largest customer.<ref>{{Cite web|url=https://www.justice.gov/opa/pr/chairman-publicly-traded-health-care-company-convicted-insider-trading|title=Office of Public Affairs &#124; Chairman of Publicly Traded Health Care Company Convicted of Insider Trading &#124; United States Department of Justice|date=June 21, 2024|website=www.justice.gov}}</ref><ref name="auto18"/><ref name="auto">{{Cite web|url=https://www.sec.gov/news/press-release/2023-42|title= SEC Charges Ontrak Chairman Terren Peizer With Insider Trading; Healthcare executive avoided more than $12 Million in losses by selling shares through Rule 10b5-1 trading plans before stock freefall|website=SEC.gov|date= March 1, 2023}}</ref><ref>{{Cite web|url=https://www.jdsupra.com/legalnews/client-alert-doj-and-sec-used-data-3325885/|author=Sara Cervantes, Brandon Fox, Charles Riely|title=Client Alert: DOJ and SEC Used Data Analytics to Target Insider Trading with 10b5-1 Plans|website=JD Supra|date=March 15, 2023}}</ref> Ontrak shares, which had traded at $85.21 in February 2021, were trading at under $1.00 since July 2022.<ref name="auto6"/><ref>{{Cite web|url=https://www.google.com/search?q=ontrak+share+price|title=Ontrak share price|website=}}</ref> In addition, the [[U.S. Department of Justice]] announced [[criminal charge]]s of insider trading and securities fraud against Peizer, charging that thereby he had avoided $12 million in losses; Peizer was arrested.<ref name="auto5"/><ref name="auto"/><ref name="auto6" /><ref>{{Cite web|url=https://www.justice.gov/opa/speech/assistant-attorney-general-kenneth-polite-jr-delivers-keynote-aba-s-38th-annual-national|author=[[Kenneth Polite|Kenneth A. Polite, Jr.]]|title=Assistant Attorney General Kenneth A. Polite, Jr. Delivers Keynote at the ABA's 38th Annual National Institute on White Collar Crime|date=March 3, 2023|website=The United States Department of Justice}}</ref> His case was assigned to the [[U.S. District Court for the Central District of California]], before U.S. District Judge [[Dale S. Fischer]].<ref name="auto5"/>

On March 2, 2023, he resigned as Ontrak CEO and Chairman.<ref name="auto4"/> On January 31, 2024, a superseding indictment was filed, charging Peizer with additional counts of securities fraud and insider trading.<ref name="auto19">{{Cite web|url=https://www.justice.gov/criminal/criminal-vns/case/united-states-v-terren-s-peizer|title=Criminal Division &#124; United States v. Terren S. Peizer |date=March 1, 2023|website=United States Department of Justice}}</ref> On February 9, 2024, Peizer moved to dismiss the indictment.<ref name="auto20">{{Cite web|url=https://www.natlawreview.com/article/dojs-first-10b5-1-plan-prosecution-survives-motion-dismiss|title=DOJ 10b5 1 Plan Prosecution Makes It Past Motion to Dismiss|website=National Law Review}}</ref> On March 7, 2024, Judge Fischer denied Peizer’s motion to dismiss, holding that the government had alleged facts sufficient to give rise to a charge of insider trading.<ref name="auto20"/> Trial was set for June 4, 2024.<ref name="auto19"/>

On June 21, 2024, he was convicted and found guilty by a Los Angeles, California, federal jury of three counts of insider trading and securities fraud, following a nine-day trial.<ref name="auto23"/> Peizer was slated to be sentenced on October 21, 2024. On August 14, 2024, Peizer filed a motion for an acquittal and a motion for a new trial, with a hearing set for October 21, 2024. Pending that motions hearing, the sentencing hearing is now set for February 10, 2025.<ref>{{Cite web|url=https://www.justice.gov/criminal/criminal-vns/case/united-states-v-terren-s-peizer|title=Criminal Division United States v. Terren S. Peizer}}</ref> Peizer faces a maximum penalty of 65 years in prison.<ref>{{Cite web|url=https://ktla.com/news/local-news/santa-monica-man-used-anti-insider-trading-measure-to-commit-fraud-doj/|title=Santa Monica man used anti-insider-trading measure to commit fraud: DOJ|date=March 1, 2023|work=KTLA|author=Cameron Kiszla}}</ref><ref name="auto23"/>

⚫
== References ==
{{Reflist}}


{{DEFAULTSORT:Peizer, Terren}}
[[Category:American investment bankers]]
[[Category:American investment bankers]]
[[Category:American people convicted of fraud]]
[[Category:Businesspeople from Ohio]]
[[Category:Drexel Burnham Lambert]]
[[Category:Drexel Burnham Lambert]]
[[Category:Finance fraud]]
[[Category:Goldman Sachs people]]
[[Category:Goldman Sachs people]]
[[Category:HIV/AIDS researchers]]
[[Category:Living people]]
[[Category:People from Ohio]]
[[Category:People convicted of insider trading]]
[[Category:People from Beachwood, Ohio]]
[[Category:People from Dorado, Puerto Rico]]
[[Category:Businesspeople from Santa Monica, California]]
[[Category:Wharton School alumni]]
[[Category:1959 births]]

Latest revision as of 16:10, 1 November 2024

Terren Scott Peizer
Born (1959-07-31) July 31, 1959 (age 65)[1]
Beachwood, Ohio, U.S.
Alma materWharton School of the University of Pennsylvania (B.S., Economics)
OccupationBusinessperson
Years active1983–present
Known for
Criminal chargesconvicted of insider trading (two counts) and securities fraud (2024)
Criminal penaltyPeizer faces a maximum penalty of 65 years in prison[2]
Criminal statusPeizer is slated to be sentenced on October 21, 2024.[2][3]

Terren Scott Peizer (born July 31, 1959) is an American businessperson.[4] On June 21, 2024, he was found guilty by a California federal jury of three counts of insider trading and securities fraud, following a nine-day trial. Peizer faces a maximum penalty of 65 years in prison.

Peizer is the former CEO and chairman of Ontrak Inc., a publicly traded healthcare company, which he resigned from in March 2023 after US authorities charged him with insider trading and securities fraud.[1][5][6] He formerly worked as a junk bond salesman at Drexel Burnham Lambert, and ultimately testified against his former boss Mike Milken in Milken's securities fraud prosecution, in exchange for immunity from both criminal prosecution and SEC sanctions.[7] He also held executive positions in small-cap technology, debt collection, bicycle tire, shoe importing, and biotech companies.[8][9]

Early life and education

[edit]

Peizer's hometown is Beachwood, Ohio.[10] He attended Beachwood High School.[11] Peizer graduated with an undergraduate B.S. in Economics from the Wharton School of the University of Pennsylvania.[4][12][13] He resides in Dorado, Puerto Rico and Santa Monica, California.[1][14]

Career

[edit]

Early years; Drexel, and immunity to testify against Milken

[edit]

Out of college in 1983, Peizer worked for a few months at Goldman Sachs when he was 21 years old.[15][12] Later that year he worked for a stint at First Boston as a high yield bond salesman.[15]

Michael Milken hired Peizer as a junk bond salesman at Drexel Burnham Lambert in 1985.[16][17] His job was to manage the Drexel account of the president of high-yield mutual fund manager Solomon Asset Management, with whom Drexel had an illegal arrangement that included insider trading and phony tax losses.[18][19][20][10][21][22] Peizer worked directly under (and at the same desk as) Milken and admired him, sometimes pretending to be him on the phone, and calling him "Dad".[23]

When investigations into Milken's illegal activities began, Peizer starting in 1988 provided material evidence to prosecutors against Milken and Solomon.[24] At Milken's pre-sentencing hearing for securities fraud in 1990, Peizer testified against Milken in exchange for immunity from both criminal prosecution and SEC sanctions.[8][25][21][16][15] Milken pled guilty and served nearly two years in prison.[3][26]

Investor and executive in small-cap companies

[edit]

After Drexel, Peizer became a private investor in a series of small companies.[16]

1989–2000

[edit]

In 1989 Peizer purchased the Omaha Racers, a minor league basketball team, but it struggled financially.[27] He sold the team the following year.[28]

In 1991 he gained control of plastics company UTI Chemicals Inc., which had 26 employees, and became its president for a salary of $100,000; the company had a loss of over three million dollars each of the following two years.[29][30] He stepped down as its chairman in 1994.[31]

In June 1991 Peizer purchased $3.5 million of convertible debentures from Candies, Inc. (formerly known as Millfeld Trading Co.; a shoe importing and marketing business), and became a director of the company.[32][33] He had by that time already purchased 135,000 shares of the company's common stock, and when he became a director he received warrants to purchase 1.1 million shares of the company's common stock at $10.00 per share.[32][16] Peizer divested himself of over 90% of his stock in the company on September 23, 1991, one day before the company publicly acknowledged that it had materially underpaid its customs obligations and faced a $1.6 million liability.[32] In early 1992, the price of the company stock collapsed after the company disclosed that it was being investigated by federal prosecutors for systematic underpayment of its customs duties, and Peizer thereafter resigned as a director.[32]

Peizer purchased an interest of over 50% in Urethane Technologies, a small-cap company which manufactured and sold a bicycle tire that it claimed would not go flat, and named himself Chairman.[7][34] He sold his shares in 1993 at what was reported to be a $6 million profit, and the company never delivered, lost money, and went bankrupt in 1997.[7][35]

In 1993 he acquired a 37% share of now-defunct computer parts producer CMS Enhancements. He was elected chairman of the company, and held the position for two years.[36]

In the mid-1990s Peizer played a role in now-defunct Towers Financial Corporation. The company was a debt collection agency Ponzi scheme founded by fraudster Steven Hoffenberg, with which Jeffrey Epstein was involved.[16][37][38]

Peizer purchased an interest in Advanced Promotion Technologies, which manufactured electronic barcode coupon machines for checkout lines.[7] He subsequently sold his shares, and the company then went bankrupt in 1996.[7]

From 1997 to 1999, Peizer was president of Hollis-Eden, a startup pharmaceutical company.[16][7][39] The New York Times covered the company and his involvement in it in an article entitled: "No Sales, but Watch the Stock Soar".[16] By 1998 the company still had no sales or earnings.[16] That year Peizer said: "This is a once in a lifetime opportunity for me. We have something special."[35] Peizer resigned from the company in March 1999 concurrently with the dismissal of its CEO Richard B. Hollis for cause.[7][16][39] By September 1999 the company's stock was at $13.50, 47% lower than its 52-week high.[40]

In 1999 Peizer raised money for and invested in Tera Computer Company, an unprofitable 112-employee manufacturer of supercomputers.[41][42] The money that was raised allowed Tera to later buy the remains of Cray Research, and Peizer was its chairman and a director from 1999 to 2000.[43][44][45][46] He stepped down as chairman in 2000.[47] Tera said the reason was that Peizer would otherwise have been required to obtain a security clearance from the US Department of Defense by the end of 2000 to transfer Cray's classified government business to Tera by then, and Tera did not think that would happen.[47]

2001–present

[edit]

In 2004 Peizer founded Hythiam Inc., a tiny pharmaceutical company, from which in 2006 when he was majority shareholder he received $1.3 million in compensation.[48][40][49] The firm bought the rights to an ineffective addiction treatment, and marketed it.[50] Despite the fact that no placebo-controlled or double-blind study or peer-reviewed publication of its "Prometa" (the marketing name for Gabasync) approach had been undertaken, and although no FDA approval had been obtained, Hythiam advertised the "innovative, medically based treatment" (which could cost $15,000 per patient) and franchised doctors to use Prometa, in exchange for a per-patient fee.[51][40] Barrons, in a November 2005 article entitled "Curb Your Cravings For This Stock", wrote "If the venture works out for patients and the investing public, it'll be a rare success for Peizer, who's promoted a series of disappointing small-cap medical or technology stocks ... since his days at Drexel".[40] Peizer said: "Hythiam is my biggest triumph. If it's the only thing I did, then my life would have been a tremendous success."[11] Journalist Scott Pelley said to him in 2007: "Depending on who you talk to, you're either a revolutionary or a snake oil salesman."[51] 60 Minutes, NBC News, and The Dallas Morning News criticized Peizer after the company bypassed clinical studies and government approval when bringing to market Prometa; the addiction drug proved to be completely ineffective.[35][52][53][54] Journalist Adam Feuerstein opined: "most of what Peizer says is dubious-sounding hype".[55] In June 2008, Hythiam had generated a net loss each year for 5 straight years, and while its stock had traded at $61.26 a share in 2007, it traded at $0.18 per share three years later (a 99.7% drop).[56][57][58] According to independent investment research firm Morningstar: "Over the long haul, this company has posted some of its industry's worst returns on assets."[56]

In 2018, Peizer became CEO and chairman of BioVie, a pharmaceutical company of which he was majority shareholder (his ownership was 88% as of June 2021).[59][60] In 2021 the company entered into an agreement to buy a product from another company he controlled, NeurMedix, for up to $10 million and over 8 million BioVie shares; that led to a 15% share price drop in one day to $18.30 a share, and in April 2023 the company's share price was down to $8.08.[61][62][63] He resigned on March 2, 2023, the day after he was criminally indicted, at which point the company had not yet received any revenue, and had lost $26 million in 2022.[64][59]

In March 2021 Peizer became the controlling shareholder and board Executive Chairman of EVmo, a technology-enabled fleet management and rental company, which had a share price of $5.45 the prior month.[65][66][67] He resigned as EVmo Chairman on February 17, 2023, as the company defaulted on a $7.5 million loan, and its stock price had declined to $0.17 per share.[66][67][65]

He is the founder and CEO of Acuitas Group Holdings (of which he is the sole shareholder), biotech company NeurMedix (of which he was the sole shareholder, and which in 2021 made a multi-million dollar sale to BioVie, of which Peizer was CEO), and blockchain company Casperlabs.[12][68]

Ontrak; Indictment and conviction

[edit]

Until his 2023 indictment, he was CEO and chairman of Catasys, Inc. (later renamed Ontrak Inc.), a publicly traded healthcare company that he had founded in 2003.[69][15][70] Peizer was also Ontrak’s biggest shareholder.[2] His 2018 compensation at the company was $2.4 million, over twice that of CEOs of similar companies.[71]

On March 1, 2023, after an FBI investigation, Peizer was charged with insider trading by the SEC, which alleged that he sold $20 million of Ontrak Inc. stock in 2021 while he was in possession of material nonpublic negative information related to the company's largest customer.[72][70][73][74] Ontrak shares, which had traded at $85.21 in February 2021, were trading at under $1.00 since July 2022.[15][75] In addition, the U.S. Department of Justice announced criminal charges of insider trading and securities fraud against Peizer, charging that thereby he had avoided $12 million in losses; Peizer was arrested.[1][73][15][76] His case was assigned to the U.S. District Court for the Central District of California, before U.S. District Judge Dale S. Fischer.[1]

On March 2, 2023, he resigned as Ontrak CEO and Chairman.[5] On January 31, 2024, a superseding indictment was filed, charging Peizer with additional counts of securities fraud and insider trading.[77] On February 9, 2024, Peizer moved to dismiss the indictment.[78] On March 7, 2024, Judge Fischer denied Peizer’s motion to dismiss, holding that the government had alleged facts sufficient to give rise to a charge of insider trading.[78] Trial was set for June 4, 2024.[77]

On June 21, 2024, he was convicted and found guilty by a Los Angeles, California, federal jury of three counts of insider trading and securities fraud, following a nine-day trial.[2] Peizer was slated to be sentenced on October 21, 2024. On August 14, 2024, Peizer filed a motion for an acquittal and a motion for a new trial, with a hearing set for October 21, 2024. Pending that motions hearing, the sentencing hearing is now set for February 10, 2025.[79] Peizer faces a maximum penalty of 65 years in prison.[80][2]

References

[edit]
  1. ^ a b c d e "UNITED STATES V. TERREN S. PEIZER; PENDING CRIMINAL DIVISION CASES; Court Docket: 2:23-CR-89". The United States Department of Justice. March 1, 2023.
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