'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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