I say he was the “first” victim because insider trading is a victimless crime.
As a result, insider trading has been loosely defined through a mishmash of confusing verdicts and precedents.
At the least, there must be hard-and-fast laws about insider trading, right?
One might say, “Well, insider trading takes away faith in the U.S. markets.”
This one is also “the largest financial penalty in history for insider trading offenses.”
A witness in the feds' crackdown on insider trading killed himself this week.
And, for that matter that the Drexel Burnham ad came out the year before the company was indicted for insider trading.
Study those cases and you'll see that government officials can't seem to agree on what exactly is insider trading.
Hedge fund billionaire Raj Rajaratnam was convicted of insider trading this morning.
That would be enough to sink most people, and the SEC trumpeted it as the “largest-ever settlement for insider trading case.”
The unlawful practice of using information that comes from a source “inside” the business but is not available to the general public to trade on the stock market. This activity is prohibited by law and is policed by the Securities and Exchange Commission.
Note: In the mid-1980s, several revelations of insider trading rocked Wall Street.