Yes, I think the judge agrees with that rrufff.
"There is no general prohibition against trading on material, non-public information, and no general duty for an investor with such information to disclose it. However, when such information is obtained in violation of a duty of trust and confidence, an investor with such information is obligated, under the law, to either disclose the information to make it public, or to abstain from trading. When an investor with such information chooses to disclose it, the non-public information remains non-public for purposes of the insider trading laws until it has been effectively disseminated in a manner sufficient to insure its availability to the investing public"
So what makes it illegal to trade on non-pubic information has more to do with the source of that information or the manner in which it was obtained.
If an insider sends you a link to a non-disclosed criminal conviction of a CEO, then it is illegal to trade on that, but if someone else sends it to you then it is legal to trade on it?
Another question - if your investment decision was based on lots and lots of information, and this particular tidbit of info was not particularly material in the investment decision, does that change the legal view? |
