NEWARK, N.J. (AP) -- A former New Jersey drug company executive and another man have pleaded guilty to running an insider trading scheme.
John Lazorchak was director of financial reporting at Celgene Corp., a biotech drug maker based in Summit. He and five other people were charged last November with participating in a five-year-long insider trading scheme.
On Monday in Newark, Lazorchak pleaded guilty to five counts of securities fraud and one count of conspiracy. Michael Pendolino of Nashua, N.H., whom authorities said was a high school friend of Lazorchak's, pleaded guilty to one count of conspiracy.
The criminal complaint charged the group with exploiting deals involving Celgene, Sanofi and other companies. The four other defendants' cases are pending.