The U.S. Securities and Exchange Commission (SEC) is moving to dismiss its civil insider trading lawsuit against Terren Peizer, the former Ontrak CEO who was convicted in a landmark federal insider trading case before receiving a pardon from President Donald Trump. In 2023, the U.S. Department of Justice charged him with insider trading, while the SEC brought parallel civil charges over the same stock transactions. The prosecution drew particular attention because it became the first criminal insider trading case involving the alleged misuse of a Rule 10b5-1 trading plan. In 2024, a federal jury in Los Angeles convicted Peizer on two counts of insider trading and one count of securities fraud. The SEC's move to dismiss the Terren Peizer lawsuit effectively brings the regulator's high-profile civil insider trading case closer to an end.