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Pastimes : Investment Chat Board Lawsuits

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To: Win-Lose-Draw who wrote (3121)	5/26/2002 4:42:54 PM
From: EL KABONG!!!	Read Replies (1) of 12465

WLD, I'm not so sure about that. At some point in time, any illegally obtained information that is subsequently dispersed in a public forum transcends the gap between being illegal to know and being public. But where is that line drawn? At the time it's printed or posted? Shortly after it's obtained and now known by someone who shouldn't have the information? The reason I ask is that a few months (weeks?) ago, there was a "situation" where some guy sat in on a briefing from some government agency (Treasury?) where it was revealed that the 30 year bond was going bye-bye. This meeting ended at maybe 9:30am, but the official public announcement didn't occur until 10:00am (times approximate). So this guy is alleged to have tipped off brokerages and other clients to the pending news, where they allegedly traded on it in that intervening half-hour. As I recall, the SEC administered fines, took profits, etc. even though they didn't "prove" that the trades were based upon the "illegally" received information. KJC

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