Insider Trading Scam Allegedly Involved Morris Plains Men
Six accused of netting $1.4 million in illicit profits and kickbacks.
Three Morris Plains men have been charged, along with three others, in a $1.4 million insider trading operation that lasted nearly five years, U.S. Attorney Paul J. Fishman announced Monday. Mark Cupo, 51, Michael Castelli, 48, and Mark Foldy, 42, were part of a group of men who netted $1,483,749 in illicit profits and cash kickbacks from insider trading on Celgene, a biopharmaceutical company, Fishman said. Also charged were Long Valley resident John Lazorchak, 42, the director of Financial Reporting for Celgene; Lawrence Grum, 48, of Livingtston; and Michael Pendolino, 43, of Nashua, N.H. The U.S. Attorney said the men were involved in a years-long operation, buying and selling stock prior to major announcements made by the company. …
