Crime & Safety
Long Valley Man Gets 16 Months in Prison for Insider Trading Scheme
John Lazorchak was one of six men to take part in five-year long fraud.
A Long Valley man at the center of a five-year, $1.4 million insider trading scheme was sentenced Tuesday to 16 months in prison, U.S. Attorney General Paul Fishman announced.
John Lazorchak, 43, was originally charged with one count of conspiracy to commit securities fraud and five counts of securities fraud. He pleaded guilty to those counts in the fall of 2013.
An investigation revealed Lazorchak, along with a ring of counterparts, collectively brought in more than $1.4 million in illicit profits by trading ahead of 11 corporate news events that Lazorchak or an associate in the scheme revealed prior to the information becoming public knowledge, Fishman said.
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On top of the prison term, Judge Katherine Hayden sentenced Lazorchak to two years of supervised release and was ordered to forfeit $3,000.
At the time of the scheme, Lazorchak was director of financial reporting at Celgene Corp., a global pharmaceutical company in New Jersey.
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