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Strategies & Market Trends : AP's Crime

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To: rrufff who wrote (12)	1/27/2005 12:53:45 PM
From: peter michaelson	Read Replies (2) of 78

rrufff: What is your opinion on this excerpt from the preliminary judge's charge to the jury? "Non-public information is that information which is not generally available to the investing public. The fact that some piece of information is posted on an investment website does not necessarily make it public. Even if there are public rumors or widespread speculation as to a fact, additional information as to that fact is non-public if it is more reliable or specific than the public rumors. The fact that some criminal records are “publicly” available in the sense that they can be found in a public place if a person is looking for them, knows where they are being kept, and has the information required as a practical matter to link the records to specific individuals connected to particular companies, does not mean that these records are “public” for the purposes of the insider trading laws." Do you think it is illegal to trade on information that fits the above definition? At what point should that information be considered public rather than non-public?

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