Former Celgene Exec Settles SEC's Insider Trading Claims

Law360, Los Angeles (October 7, 2013, 7:12 PM EDT) -- A former Celgene Corp. executive on Monday settled with the U.S. Securities and Exchange Commission over allegations he spearheaded a New Jersey-based insider trading network that used confidential information on acquisitions and other corporate developments to generate more than $1.4 million in illegal profits, according to court documents.

John Lazorchak, a former director of financial reporting at Celgene, must pay back more than $71,000 in illegally obtained profits plus prejudgment interest and is permanently barred from trading in securities, according to a judgment filing in New...
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