Ex-pharmaceutical firm exec gets 15 months in prison for his role in an insider trading scheme
April 24, 2014, 12:00 am TWN
NEWARK, New Jersey--A former pharmaceutical executive has been sentenced to 15 months in prison for his role in an insider trading scheme.
John Lazorchak was sentenced Tuesday in federal court in Newark, New Jersey. He also will have to serve two years of supervised release once he's freed from prison and will have to forfeit US$3,000.
Lazorchak was director of financial reporting at Celgene Corp. when he was arrested in November 2012 along with five other people. One of the others was Mark Cupo, an executive at French drugmaker Sanofi Aventis' U.S. headquarters in Bridgewater, New Jersey.
All six defendants have pleaded guilty. Lazorchak pleaded guilty in the fall to conspiracy and five counts of securities fraud.