backKing & Spalding led the defense of Terren Peizer, the founder, Board member and one time CEO of Ontrak, Inc., who was charged with insider trading by the U.S. Department of Justice (DOJ). The case was touted by DOJ as a ground-breaking prosecution focused on alleged malfeasance by Mr. Peizer in connection with the implementation of a 10b(5) trading plan – the first prosecution of its kind. While Mr. Peizer was convicted at trial in 2025, King & Spalding retained the matter for sentencing and appeal. Mr. Peizer had received a sentence of less than half of what the government requested and ultimately received a full pardon in January 2026.
On March 25th, 2026, Judge Dale S. Fischer of the United States District Court for the Central District of California dismissed with prejudice the initial judgment and commitment entered on June 23, 2025 in light of the full and unconditional pardon, vacated the forfeiture order, and exonerated and terminated Mr. Peizer’s bond conditions.
The King & Spalding team included Dave Willingham, Alec Koch, Jamie Lang, Yelena Kotlarsky, Joe Zales, Isabel Bussrakum, Paul Watford and many others.