In SDNY, insider trading criminal trial of US v. Lavidas is beginning with opening statements, here was FT ft.com/content/2dde00… - here below, intermittent thread as @InnerCityPress juggles this with other cases, previous Lavidas story: innercitypress.com/sdny8darina123… 
@MatthewLeeICP @Kathimerini_gr @lenaargiri AUSA: The defendant's father was on the board of directors of a pharmaceuticals company, Ariad. He was trained on rules but breached them, sharing info with his son who fueled a major insider trading scheme with Nikas... right here in NYC
@MatthewLeeICP @Kathimerini_gr @lenaargiri AUSA: By building his friendship with Nikas, the defendant wanted to build connections here in NY, who invested in his business. You'll hear that in October 2013 Ariad announced some bad news. Its stock plummeted. But Nikas sold in advance; he bet against it
@MatthewLeeICP @Kathimerini_gr @lenaargiri AUSA: How did Nikas do it? He had tomorrow's news today. You'll hear from Marc Demane how he got illegal information from Nikas and the defendant, sometimes the defendant's father was even there. Demane was arrested and pled guilty. He agreed to cooperate
@MatthewLeeICP @Kathimerini_gr @lenaargiri Lavidas' lawyer: AUSA Tracer, he's wrong. We will show you that Demane and Nikas has other, better sources about Ariad, not from my client. The government gathered millions of emails and text messages, you'll see them but not one will show Lavidas was giving info
@MatthewLeeICP @Kathimerini_gr @lenaargiri Lavidas' lawyer: Demane has no evidence against my client except a 2nd hand conversation before the gov't alleges my client was involved in any scheme. All they have is the timing of phone calls and the timing of trades. Demane is trying to work off his sentence
@MatthewLeeICP @Kathimerini_gr @lenaargiri Now Lavidas' lawyer John Streeter turns to Darina Windsor, formerly of Centerview Partners; he adds that Lavidas never traded stock himself. His opening statement is substantially longer than AUSA Tracer's.
@MatthewLeeICP @Kathimerini_gr @lenaargiri Judge Denise Cote cuts in: Mr Streeter, we're going to be ending for the day in three minutes. He says OK. After jury leaves, government criticizes Streeter for mentioning that Lavidas' wife is pregnant. Judge Cote: See you at 9 innercitypress.com/sdny1lavidastr…
@MatthewLeeICP @Kathimerini_gr @lenaargiri OK - Day 2 of US v. Lavidas has begun with head of Ariad on the stand. AUSA asked him to identify Lavidas "by a piece of clothing." The defense jumped up, We'll stipulate that it's him. But AUSA persisted, and Judge Cote allowed it. Defendant has been ID-ed.
