Livingston Man Charged with Role in Insider Trading Scam
Lawrence Grum and five others accused of netting $1.4 million in illicit profits and kickbacks.
A Livingston resident has been charged, along with five others, in a $1.4 million insider trading operation that lasted nearly five years, U.S. Attorney Paul J. Fishman announced Monday. Lawrence Grum, 48, of Livingston, was charged with receiving insider information from John Lazorchak, 42, the director of Financial Reporting at Celgene, said Fishman. The two were part of a group of men who netted $1,483,749 in illicit profits and cash kickbacks, Fishman said. Lazorchak and Grum, along with Mark Cupo, 51, of Morris Plains; Michael Castelli, 48, of Morris Plains; Mark Foldy, 42, of Morris Plains; and Michael Pendolino, 43, of Nashua, N.H., were involved in the years-long operation, buying and selling stock prior to major announcements made…
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