Paul Jorgensen, the former Chief Revenue Officer of Doximity, was sentenced on May 21, 2026, to 26 months in prison for securities fraud. U.S. District Judge Katherine Polk Failla handed down the sentence in connection with a multimillion-dollar insider trading scheme. Jorgensen illegally traded Doximity stock and options based on confidential information ahead of the company’s quarterly earnings calls, earning over $2.5 million in illicit profits.
U.S. Attorney Jay Clayton for the Southern District of New York emphasized the severity of the crime. "While employed as a senior executive at Doximity, Paul Jorgensen repeatedly used Doximity’s confidential information to trade in advance of the company’s quarterly earnings calls, earning himself more than $2.5 million in illegal profits," said Clayton. He added that insider trading "destroys faith in the fairness and integrity of our markets."
Jorgensen, who became Chief Revenue Officer in 2022, had access to Doximity's nonpublic financial data. In July 2022, after learning of declining "upsells" and a company reassignment, he sold 61,162 shares from a secret personal account, avoiding losses exceeding $300,000 when negative results were announced.
The scheme continued into 2023. In July, aware of further declining upsells and his impending termination as part of layoffs, Jorgensen sold 15,000 shares and 1,300 call options, profiting $114,000 and $200,000 respectively. He also purchased 4,700 put options, which yielded nearly $2 million in illicit profits after Doximity publicly announced layoffs and lowered guidance, causing its share price to fall significantly.
In addition to the prison term, Jorgensen, 53, of Charlotte, North Carolina, received two years of supervised release and was ordered to pay $2,532,775.52 in forfeiture. The Federal Bureau of Investigation and the U.S. Securities and Exchange Commission were praised for their work on the investigation.