Business & Finance

Livingston Resident Among Six Charged With Insider Trading

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LIVINGSTON, NJ - U.S. Attorney Paul J. Fishman announced that on Monday morning, Nov. 19, 2012, three corporate executives, two business owners, and a health care professional who made more than $1.4 million in illegal profits from an extensive insider trading network surrendered to the FBI.  One of the individuals is from Livingston.
                              
John Lazorchak, 42, of Long Valley, N.J.; Mark Cupo, 51, of Morris Plains, N.J.; Lawrence Grum, 48, of Livingston, N.J.; Michael Castelli, 48, of Morris Plains, N.J.; Mark Foldy, 42, of Morris Plains, N.J.; and Michael Pendolino, 43, of Nashua, N.H,., are each charged in a multi-count Criminal Complaint. 

Lazorchak, Foldy, and Pendolino are each charged with one count of conspiracy to commit securities fraud; Cupo, Grum, and Castelli are each charged with two counts of conspiracy to commit securities fraud. 

They are also all charged with multiple counts of securities fraud: Lazorchak, 26 counts; Cupo, 23 counts; Grum, 12 counts; Castelli, 11 counts; Foldy, two counts; and Pendolino, two counts.

Initial court appearances are scheduled for 1:30 p.m. today before U.S. Magistrate Judge Joseph A. Dickson in Newark federal court.

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