Having It Both Ways: Scam Artist Tries To Play Biovail and SAC Capital, Gets Burned


Lawyers for SAC Capital reportedly turned in Michael Lair when he approached them claiming to be an investigator for Biovail, and offering to produce evidence of the drug company’s “illegal and unethical” investigative techniques, the New York Post's Roddy Boyd reports this morning. SAC is the most notable target of a lawsuit launched by Biovail claiming that hedge funds were conspiring to push down its stock price. A subsequent investigation by federal authorities revealed that Lair was allegedly playing both sides of battle—peddling information on SAC to Biovail, as well.
Lair’s now been arrested but it’s not exactly clear what law he violated. Is “being a total dick” a federal crime?
Scammer Played Both Sides in Biovail Case: Feds [New York Post]