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probably thought they could get away with it
lol well yeah. but the SEC literally has to run one query that shows someone with a big gain buying stock and options before earnings and work at said company which i’m pretty sure you’re not supposed to be doing in the first place whether you had special info or not
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It's only illegal if you're using secret information. The company can't report info to some shareholders and not others.
No, it's only illegal if you are using secret information accessed with privileged insider access. If you do research and deduce nonpublic (secret) data and use that, that is fine. The classic example is inferring sales data from customer traffic by observing the parking lot utilization at regular intervals.
Other jurisdictions have different presumptions about what insider trading laws are for and may thus interpret them in different ways.
This was a US jurisdiction filing so the former standard applies but on an international message board it’s worth remembering people have different intuitions about this stuff for good reason.
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uhm it’s not even that difficult. they just see if you traded in your own account for a company you work for around earnings. i’m pretty sure you’re not supposed to do it at all but maybe dependent on the situation.
You're not supposed to do that at all. You could argue you didn't possess any material non-public information, but since essentially every internal document you access is non-public information, that's probably not an argument you want to deal with. Just trade your own company's shares in the windows after earnings releases. Or set up a pre-defined share sale plan in one of these windows, covering the future, and don…
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>If you're using information anyone could get with some research, then it's not illegal. If I am willing to give out information gained during employment of the company to anyone asking as part of their research, then by this definition it's not illegal, as anyone can get the information with some research.
https://www.investor.gov/introduction-investing/investing-ba...
I can’t understand the rationale behind blowing up your life and career in which you made $300k+/year for a tiny $1m gain split between 3 people and their families. Why are people who should otherwise be much smarter than this doing incredibly dumb things? Just greed? and entitlement?
> Why are people who should otherwise be much smarter than this Being smart at your job doesn't mean you aren't ignorant. In fact, I'd say the culture of equating "good at computers" meaning you are probably "smarter than this" does more to shield us from the truth of our own ignorance.
When is the announcement happening for the members of congress that made investments in key areas after they were briefed on covid-19 and potential impact? > We are a free market economy. They should be able to participate in that
These guys are like the kids who saw the Tide Pod challenges and decided to actually eat the pods. I bet insider trading is not as fun when you're unemployed and bankrupt.
I work in billing software for a publicly traded software company and this is a constant temptation. I'm never gonna do it because I'm not gonna blow up my career for a relative pittance, but I can't tell you how many times I've been annoyed that I couldn't act on private information and make ~$100k or so. These guys are like the kids who saw the Tide Pod challenges and decided to actually eat the pods. I bet insider…