Next Score View the next score

    Six charged with insider trading

    NEWARK — Executives at two leading drug companies were among six people arrested Monday and charged with insider trading in what federal prosecutors said was a five-year scheme that netted more than $1 million.

    Among those charged were John Lazorchak, 42, director of financial reporting at Celgene Corp., a biotech drug maker based in Summit, and Mark Cupo, 51, who held a similar position at Sanofi-Aventis, a France-based pharmaceutical company with US headquarters in Bridgewater.

    Along with Mark Foldy, 42, who was a marketing executive with Stryker Corp., a medical technology company, they passed privileged information on their companies to others who would make stock trades based on the information, according to the criminal complaint released Monday.


    Lazorchak faces 26 counts of securities fraud, and Cupo faces 23. Each count carries a maximum prison sentence of 20 years. Cupo faces one conspiracy count and Lazorchak and Foldy face two apiece.

    Get Talking Points in your inbox:
    An afternoon recap of the day’s most important business news, delivered weekdays.
    Thank you for signing up! Sign up for more newsletters here

    A spokesman for Sanofi said Cupo resigned from the company ‘‘very recently’’ and Sanofi is cooperating with the investigation.

    A spokesman for Celgene said in an e-mail that the company terminated Lazorchak on Monday.