New York Businessman Convicted in Insider-Trading Trial
Prosecutors alleged Telemaque Lavidas was part of international ring that made tens of millions of dollars in illicit profits
A federal jury in Manhattan found a New York businessman guilty on charges that he leaked inside information about a publicly traded biotechnology company to a Greek stock trader, as part of an alleged international insider-trading network.
The businessman, Telemaque Lavidas, was found guilty on all of the counts he faced.
The verdict Wednesday marks a victory for the Manhattan U.S. attorney’s office and the Federal Bureau of Investigation, which spent years pursuing the alleged trading ring. Authorities estimate that the network yielded tens of millions of dollars in illicit profits.
One trial witness told investigators that insider trading had become a “sport” overseas, with investment bankers, corporate insiders and traders around the globe drawn into a trading network that trafficked in secret information about scores of publicly traded companies.
A spokesman for the U.S. attorney’s office declined to comment. A lawyer for Mr. Lavidas didn’t immediately respond to a request for comment.
By Rebecca Davis O’Brien and Corinne Ramey – wsj.com