Again, Pete:
First, and for the second time, this discussion has nothing to do with anyone on SI.
Second: One need not be an employee of a company to trade illegally on insider information! Once anyone comes into possession of privileged information - that which is material and nonpublic - *poof*, they're a de facto insider, and can break the law accordingly. So - unless an individual can prove (usually by that time, in court) that they had no way of knowing that information they traded off of was privileged, insider information, they can be prosecuted for doing so.
Now: If the interpretation of Druss' scenario is that some engineer had been up on the hill years before and said (either publicly or to himself): "When I was up there, there was no gold, and there ain't none now!", and traded off of such: such information might be privileged, and it might not. That scenario could swing both ways, because while such knowledge is inarguably material, arguments could be made that such information was, by that time, public (ie, a PR years before saying that the location had no gold).
LPS5 |
