MskiHntr:
Regarding:
Jim. Thanks for your comments. Insider to me is:...
2. Any person that owns stock at very low prices and manipulates others to gain profits.
3. Any person or group of persons that hype a stock and coordinate efforts to mislead others by not allowing the free flow of relevant information.
#reply-5794544
To which you replied:
2. Hogwash
3. Claptrap
#reply-5794651
Perhaps 2 and 3 would not be characterized as insiders, but the described actions would certainly be illegal:
General Rules and Regulations promulgated under the Securities Exchange Act of 1934
Rule 10b-5. Employment of Manipulative and Deceptive Devices.
It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange,
a. To employ any device, scheme, or artifice to defraud,
b. To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading,
or
c. To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security.
law.uc.edu
ww |
