'U snooze u lose': Judg­ment day for $100M biotech in­sid­er trad­ing scheme looms as son of for­mer Ari­ad di­rec­tor stands tri­al

A crim­i­nal tri­al that be­gins to­day in Man­hat­tan promis­es to un­rav­el a glob­al in­sid­er trad­ing ring that prof­it­ed off of non-pub­lic in­for­ma­tion about mul­ti­ple biotechs — be­gin­ning with the son of a for­mer board di­rec­tor at Ari­ad Phar­ma­ceu­ti­cals.

Tele­maque Lavi­das is the first de­fen­dant to ap­pear in front of a ju­ry among six charged for the scheme. He was in­dict­ed for pro­vid­ing George Nikas, a busi­ness­man who owned a Greek restau­rant chain in New York, with in­sid­er in­for­ma­tion from his fa­ther, Athanase Lavi­das. Nikas was al­leged­ly at the cen­ter of the whole con­spir­a­cy, chum­ming up with in­vest­ment bankers and a se­cu­ri­ties trad­er to en­rich him­self.

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