Global Insider-Trading Probe Lands Conviction of U.S. Leaker
- Son of Ariad director passed insider tips on company to friend
- New York jury finds Lavidas guilty on all seven counts
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The son of a pharmaceutical-company director was convicted of leaking company secrets to a close friend who prosecutors say was part of a global insider-trading network.
Telemaque Lavidas, 39, was the first U.S. defendant tried in connection with an insider scheme that generated tens of millions of dollars on illegal tips about drug companies from investment bankers and corporate insiders. Though Lavidas played a small role in the plot, his trial in New York shed light on how a corrupt Swiss trader and others exploited contacts on three continents for market-moving information.