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Presidential Clemency Record

Terren Scott Peizer

Pardon

  /   2025–Present

Record at a Glance

Clemency type
Pardon
Presidential term
2025–Present
Federal district
Central California
Offense
Securities fraud; insider trading (two counts)
Sentence
42 months' imprisonment; three years' supervised release; $5,250,000 fine (June 23, 2025)
Current status
The January 2026 full pardon is the controlling federal-criminal status. In August 2026, the SEC dismissed its separate civil enforcement action with prejudice in the exercise of its discretion, while expressly stating that the dismissal did not necessarily reflect its position on other cases.

Original Case

Terren Peizer was chairman and chief executive of Ontrak, a publicly traded health-care company. Prosecutors said he adopted two Rule 10b5-1 trading plans after learning that the company’s largest customer was likely to terminate its contract, rejected recommended waiting periods, and began selling stock the next day. Those sales avoided more than $12.5 million in losses before Ontrak disclosed the termination and its share price fell more than 44 percent. A jury convicted Peizer of one securities-fraud count and two insider-trading counts; he received 42 months in prison, a $5.25 million fine, and more than $12.7 million in forfeiture.

Clemency

Trump granted Peizer a full and unconditional pardon on January 16, 2026, covering the insider-trading case but expressly excluding fines or restitution already paid. The pardon ended the remaining federal criminal punishment; the SEC’s later civil dismissal was a separate agency action.

Trump Connection

Peizer was the first executive convicted at trial in DOJ’s prosecution of alleged abuse of Rule 10b5-1 trading plans, making the pardon significant to the government’s new enforcement theory. The public materials identify no personal, campaign, or business relationship with Trump, no clemency advocate, and no individualized presidential rationale. A later SEC dismissal concerned the parallel civil case and does not disclose why Trump acted.

Since Clemency

  • 2026-08-07 · civil enforcement disposition

    The SEC announced that it and the defendants filed a joint stipulation dismissing the separate civil enforcement action with prejudice. The SEC said it sought dismissal in the exercise of its discretion and that the decision did not necessarily reflect its position on any other case.

    Legal Status: Separate civil action dismissed with prejudice; this does not itself vacate the criminal verdict or alter the separate presidential pardon.

Sources

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