Lawyers Defending Insider Trading Criminal Charges
Insider trading involves the buying or selling of a security by someone who has access to nonpublic information about the security. Closely held companies can be considered securities, and therefore majority owners can become subject to liability if they make trading decisions in secret or without disclosing pertinent information to minority shareholders.
Insider trading is a federal crime, and is not precisely defined. Specifically, the courts have used “manipulative and deceptive” as the measure, which is defined by 17 CFR 240.10b-5, where it is a crime relating to the sale or purchase of any security, to (a) employ any device, scheme or artifice to defraud; (b) to make misleading statement; or (c) to engage in any fraud or deceit.
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