Insider Passed Tips so Friend Could ‘Make a Killing,’ U.S. Says

Jan. 14, 2020, 5:01 AM

There are no emails or phone recordings that directly incriminate a man with passing secret information from his corporate-director dad to a Greek businessman, but U.S. prosecutors say there’s enough evidence for a jury to convict him.

Telemaque Lavidas, 39, is charged with passing market-moving secrets to his friend, restaurateur Georgios Nikas, who’s allegedly at the center of a three-continent insider-trading ring. Lavidas got the information from his father, Athanase, a former board member of Ariad Pharmaceuticals Inc., according to prosecutors.

“The defendant’s father had secret corporate information,” Assistant U.S. Attorney Richard Cooper told jurors during his closing argument ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.