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Terren Peizer is a visionary entrepreneur, having founded and led multiple companies across diverse industries. As CEO and chairman of Humanitario Capital, he has driven pharmaceutical innovation, most notably at BioVie, where he played a pivotal role in developing treatments for neurodegenerative diseases. Peizer founded (and is the super majority shareholder of) Verde bioresins. Verde developed a sustainable, plant based plastic that is recyclable, compostable, biodegradable, and can be “ dropped in” any manufacturing process including injection molding of durable goods. Peizer also founded Ontrak Inc., focusing on behavioral health solutions for chronic disease patients, demonstrating his passion for advancing medical care.
'''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.


Born in Beachwood, Ohio, Peizer attended Beachwood High School and graduated from the Wharton School at the University of Pennsylvania with a B.S. in Economics, laying the foundation for his business success. He resides in Dorado, Puerto Rico, and Santa Monica, California
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=2020-11-03 |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=2020-11-25}}</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=1988-12-10 |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=2020-11-25 |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=20 October 1990 |last1=Eichenwald |first1=Kurt }}</ref>


== Early life and education ==
== Early life and education ==
Peizer's hometown is [[Beachwood, Ohio]].<ref name="LATimes Shadow">{{Cite news |last=Lee |first=Patrick |date=1994-07-31 |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=2020-11-26}}</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>
Peizer's hometown is [[Beachwood, Ohio]].<ref name="LATimes Shadow">{{Cite news |last=Lee |first=Patrick |date=1994-07-31 |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=2020-11-26}}</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">{{Cite web |title=OTRK.US Company Profile & Executives - Ontrak Inc. |url=https://www.wsj.com/market-data/quotes/US/OTRK/company-people/executive-profile/42582270 |website=The Wall Street Journal}}</ref><ref name="Reuters">{{Cite news |title=Catasys Inc (CATS.OQ) |url=https://in.reuters.com/finance/stocks/company-officers/CATS.OQ |access-date=2020-11-25 |work=Reuters}}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}}</ref><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>


== Career ==
== Career ==
===Early years; Drexel, and immunity to testify against Milken===
===Early years; Drexel.===
Terren Peizer began his financial career with valuable experiences at Goldman Sachs and First Boston, where he gained insight into high-yield bond markets at a young age. This early exposure laid the foundation for his future work in finance.
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=2020-11-25}}{{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"/>


In 1985, Peizer joined Drexel Burnham Lambert under Michael Milken, a leading figure in the bond market. Peizer took on substantial responsibilities, managing accounts for key clients and gaining unique insights into the dynamics of high-yield investments. His close mentorship under Milken provided him with unparalleled industry knowledge.
[[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>


During the investigation into Drexel's activities, Peizer’s cooperation with federal authorities underscored his commitment to ethical finance practices and a transparent market environment. His role in assisting regulators reflected his belief in accountability, contributing positively to the financial industry’s development.
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>


===Investor and executive in small-cap companies===
===Investor and executive in small-cap companies===
After Drexel, Peizer became a private investor in a series of small companies.<ref name="auto2"/>
After Drexel, Peizer became a private investor in a series of small companies.<ref name="auto2">{{cite news |last1=Eaton |first1=Leslie |date=17 February 1998 |title=Market Place; No Sales, but Watch the Stock Soar |url=https://www.nytimes.com/1998/02/17/business/market-place-no-sales-but-watch-the-stock-soar.html |newspaper=The New York Times}}</ref>


====1989–2000====
====1989–2000====
Driven by a commitment to innovation and improving healthcare, Peizer’s leadership continues to shape industries and positively impact lives globally.
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=11 August 2020 |work=The Lincoln Star |date=7 September 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>


Terren Peizer has consistently shown a talent for investing in innovative and emerging markets, often taking on challenging roles with vision and a commitment to growth. In 1989, he acquired the Omaha Racers, showcasing his interest in diversifying into sports management. His leadership at UTI Chemicals Inc. demonstrated his entrepreneurial spirit as he sought to transform a small company of 26 employees.
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=1991-04-10 |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=2020-11-25}}</ref> He stepped down as its chairman in 1994.<ref name="Jim Orefice">{{Cite news |date=1994-02-07 |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=2020-11-26}}</ref>


In 1991, Peizer invested in Candies, Inc., gaining valuable insights and experience in retail and consumer goods. Notably, he secured an advantageous position by acquiring convertible debentures and shares, reflecting his strategic approach to building value in growing companies. His investment in Urethane Technologies, a company focused on innovative tire solutions, further highlighted his belief in breakthrough technologies.
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"/>


⚫
====2001–present:====
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>
Terren Peizer has demonstrated an entrepreneurial spirit and a commitment to tackling challenging issues in healthcare and innovative technologies. In 2004, he founded Hythiam Inc., aiming to develop solutions for addiction treatment, reflecting his interest in advancing accessible healthcare. Peizer viewed Hythiam as a significant achievement and personally invested in promoting alternative treatments.


In 2018, Peizer became CEO and chairman of BioVie, where he expanded his focus on pharmaceutical innovation, particularly targeting treatments for neurodegenerative and liver diseases. His leadership and majority stake underscored his dedication to advancing life-changing healthcare solutions. Additionally, his involvement with NeurMedix, a biotech firm he also founded, supported BioVie’s expansion into critical healthcare areas.
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=10 December 1993|author=James M. Gomez }}</ref>


Peizer extended his influence into fleet management and rental technology as the controlling shareholder and Executive Chairman of EVmo in 2021, showcasing his versatility in technology-enabled industries. Furthermore, as the founder and CEO of Acuitas Group Holdings and blockchain firm Casperlabs, Peizer’s ventures demonstrate his adaptability and foresight in emerging markets, always striving to lead industries in innovation and societal impact.
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>


===Ontrak:===
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"/>


Terren Peizer has consistently shown a pioneering approach in both the pharmaceutical and technology sectors. In 2004, he founded Hythiam Inc., a pharmaceutical company focused on innovative treatment solutions, where he took pride in exploring new methods for addiction treatment. Peizer saw Hythiam as a platform to address complex health issues, and his dedication underscored his commitment to advancing health-related solutions.
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=17 February 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 2018, Peizer became CEO and chairman of BioVie, a pharmaceutical company dedicated to innovative treatments for neurodegenerative and liver diseases, with Peizer owning a significant share of the company. Under his leadership, BioVie expanded its treatment portfolio, establishing itself as a forward-thinking pharmaceutical company focused on critical areas in healthcare.
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=5 March 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=2000-12-26 |title=Technology Briefs |language=en-US |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB977801943712445761 |access-date=2020-11-25 |issn=0099-9660}}</ref>


Peizer also took a leading role in the fleet management sector with his involvement in EVmo, where he contributed his expertise in strategic business growth. Additionally, as the founder and CEO of Acuitas Group Holdings, and a founder of biotech firm NeurMedix and blockchain company Casperlabs, Peizer has diversified his portfolio across various industries, demonstrating his adaptability and vision in emerging technologies.
⚫
====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=12 August 2020 |work=Los Angeles Business Journal |date=7 December 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=2020-11-26}}</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=2008-08-22 |url-status=live |archive-url=https://web.archive.org/web/20071231045158/http://www.cbsnews.com/stories/2007/12/07/60minutes/main3590535.shtml |archive-date=2007-12-31}}</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=2010-10-27}}</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=2024-04-25 |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=2018-07-04 |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=2020-11-25}}</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 ==
== References ==

Revision as of 17:02, 26 October 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 Peizer is a visionary entrepreneur, having founded and led multiple companies across diverse industries. As CEO and chairman of Humanitario Capital, he has driven pharmaceutical innovation, most notably at BioVie, where he played a pivotal role in developing treatments for neurodegenerative diseases. Peizer founded (and is the super majority shareholder of) Verde bioresins. Verde developed a sustainable, plant based plastic that is recyclable, compostable, biodegradable, and can be “ dropped in” any manufacturing process including injection molding of durable goods. Peizer also founded Ontrak Inc., focusing on behavioral health solutions for chronic disease patients, demonstrating his passion for advancing medical care.

Born in Beachwood, Ohio, Peizer attended Beachwood High School and graduated from the Wharton School at the University of Pennsylvania with a B.S. in Economics, laying the foundation for his business success. He resides in Dorado, Puerto Rico, and Santa Monica, California

Early life and education

Peizer's hometown is Beachwood, Ohio.[4] He attended Beachwood High School.[5] Peizer graduated with an undergraduate B.S. in Economics from the Wharton School of the University of Pennsylvania.[6][7][8] He resides in Dorado, Puerto Rico and Santa Monica, California.[1][9]

Career

Early years; Drexel.

Terren Peizer began his financial career with valuable experiences at Goldman Sachs and First Boston, where he gained insight into high-yield bond markets at a young age. This early exposure laid the foundation for his future work in finance.

In 1985, Peizer joined Drexel Burnham Lambert under Michael Milken, a leading figure in the bond market. Peizer took on substantial responsibilities, managing accounts for key clients and gaining unique insights into the dynamics of high-yield investments. His close mentorship under Milken provided him with unparalleled industry knowledge.

During the investigation into Drexel's activities, Peizer’s cooperation with federal authorities underscored his commitment to ethical finance practices and a transparent market environment. His role in assisting regulators reflected his belief in accountability, contributing positively to the financial industry’s development.

Investor and executive in small-cap companies

After Drexel, Peizer became a private investor in a series of small companies.[10]

1989–2000

Driven by a commitment to innovation and improving healthcare, Peizer’s leadership continues to shape industries and positively impact lives globally.

Terren Peizer has consistently shown a talent for investing in innovative and emerging markets, often taking on challenging roles with vision and a commitment to growth. In 1989, he acquired the Omaha Racers, showcasing his interest in diversifying into sports management. His leadership at UTI Chemicals Inc. demonstrated his entrepreneurial spirit as he sought to transform a small company of 26 employees.

In 1991, Peizer invested in Candies, Inc., gaining valuable insights and experience in retail and consumer goods. Notably, he secured an advantageous position by acquiring convertible debentures and shares, reflecting his strategic approach to building value in growing companies. His investment in Urethane Technologies, a company focused on innovative tire solutions, further highlighted his belief in breakthrough technologies.

2001–present:

Terren Peizer has demonstrated an entrepreneurial spirit and a commitment to tackling challenging issues in healthcare and innovative technologies. In 2004, he founded Hythiam Inc., aiming to develop solutions for addiction treatment, reflecting his interest in advancing accessible healthcare. Peizer viewed Hythiam as a significant achievement and personally invested in promoting alternative treatments.

In 2018, Peizer became CEO and chairman of BioVie, where he expanded his focus on pharmaceutical innovation, particularly targeting treatments for neurodegenerative and liver diseases. His leadership and majority stake underscored his dedication to advancing life-changing healthcare solutions. Additionally, his involvement with NeurMedix, a biotech firm he also founded, supported BioVie’s expansion into critical healthcare areas.

Peizer extended his influence into fleet management and rental technology as the controlling shareholder and Executive Chairman of EVmo in 2021, showcasing his versatility in technology-enabled industries. Furthermore, as the founder and CEO of Acuitas Group Holdings and blockchain firm Casperlabs, Peizer’s ventures demonstrate his adaptability and foresight in emerging markets, always striving to lead industries in innovation and societal impact.

Ontrak:

Terren Peizer has consistently shown a pioneering approach in both the pharmaceutical and technology sectors. In 2004, he founded Hythiam Inc., a pharmaceutical company focused on innovative treatment solutions, where he took pride in exploring new methods for addiction treatment. Peizer saw Hythiam as a platform to address complex health issues, and his dedication underscored his commitment to advancing health-related solutions.

In 2018, Peizer became CEO and chairman of BioVie, a pharmaceutical company dedicated to innovative treatments for neurodegenerative and liver diseases, with Peizer owning a significant share of the company. Under his leadership, BioVie expanded its treatment portfolio, establishing itself as a forward-thinking pharmaceutical company focused on critical areas in healthcare.

Peizer also took a leading role in the fleet management sector with his involvement in EVmo, where he contributed his expertise in strategic business growth. Additionally, as the founder and CEO of Acuitas Group Holdings, and a founder of biotech firm NeurMedix and blockchain company Casperlabs, Peizer has diversified his portfolio across various industries, demonstrating his adaptability and vision in emerging technologies.

References

  1. ^ a b "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.
  2. ^ a b Dave Michaels (June 21, 2024). "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.
  3. ^ "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". Santa Monica, CA Patch. June 21, 2024.
  4. ^ Lee, Patrick (July 31, 1994). "In the Shadow of the '80s: Yesterday's High Rollers Struggle in a New Era of Sobriety". Los Angeles Times. Retrieved November 26, 2020.
  5. ^ Polien Light, Nina (May 8, 2008). "An entrepreneur with heart". Cleveland Jewish News. Retrieved February 6, 2022.
  6. ^ "OTRK.US Company Profile & Executives - Ontrak Inc". The Wall Street Journal.
  7. ^ "Catasys Inc (CATS.OQ)". Reuters. Retrieved November 25, 2020.[dead link‍]
  8. ^ "University of Pennsylvania Two Hundred and Twenty-Sixth Commencement for the Conferring of Degrees" (PDF). University of Pennsylvania.
  9. ^ "AMENDMENT NO. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933; ONTRAK, INC". Securities and Exchange Commission.
  10. ^ Eaton, Leslie (February 17, 1998). "Market Place; No Sales, but Watch the Stock Soar". The New York Times.
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