{"id":20470,"date":"2020-01-24T12:17:28","date_gmt":"2020-01-24T12:17:28","guid":{"rendered":"https:\/\/traders-paradise.com\/magazine\/?p=20470"},"modified":"2020-07-22T16:48:14","modified_gmt":"2020-07-22T15:48:14","slug":"insider-trading-is-it-legal-at-all","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/","title":{"rendered":"Insider Trading Is It Legal At All?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/#Insider_trading_can_be_legal_or_illegal_depending_on_if_the_information_used_is_public\" >Insider trading can be legal or illegal depending on if the information used is public.<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/#By_Guy_Avtalyon\" >By Guy Avtalyon<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/#What_is_insider_trading\" >What is insider trading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/#How_to_recognize_the_right_insider\" >How to recognize the right insider?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/#A_legal_insider_trading\" >A legal insider trading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/#How_does_illegal_insider_trading_work\" >How does illegal insider trading work?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/#Does_insider_selling_suggest_its_time_to_sell\" >Does insider selling suggest it&#8217;s time to sell?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/#Where_to_find_insider_info\" >Where to find insider info<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/#How_to_use_insider_information\" >How to use insider information<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/insider-trading-is-it-legal-at-all\/#Famous_insider_trading_cases\" >Famous insider trading cases<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"Insider_trading_can_be_legal_or_illegal_depending_on_if_the_information_used_is_public\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20471 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2020\/01\/insider-trading-t-1.jpg\" alt=\"Insider Trading Is It Legal At All?\" width=\"800\" height=\"523\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2020\/01\/insider-trading-t-1.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2020\/01\/insider-trading-t-1-300x196.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2020\/01\/insider-trading-t-1-768x502.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2020\/01\/insider-trading-t-1-370x242.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2020\/01\/insider-trading-t-1-760x497.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2020\/01\/insider-trading-t-1-424x277.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><br \/>\n<strong>Insider trading can be legal or illegal depending on if the information used is public.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><span class=\"ez-toc-section\" id=\"By_Guy_Avtalyon\"><\/span><a href=\"https:\/\/www.linkedin.com\/in\/guy-avtalyon-67941b54\/\">By Guy Avtalyon<\/a><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p><span style=\"font-weight: 400;\">Insider trading means that someone buys or sells stock based on information that is not freely available to the public. An insider could be someone from the management or simply someone who has access to non-public information. Insider trading can be legal or illegal depending on if the trade is executed on the information that is available to the public or not.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To be honest, everyone likes inside information and rumors. The problem is that most of the time they are just useless gossip. Still, we are all seeking the inside information and have something that is unknown to the majority. If it is possible, to no one.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to trading, this method of playing based on inside information is seen as insider trading. And it can be legal. Well, in some cases.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_insider_trading\"><\/span><b>What is insider trading<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Insider trading is trading based on information that is not accessible to the public. In most cases it illegal but in some specific cases, it is perfectly legal.<br \/>\n<\/span><span style=\"font-weight: 400;\">Insider trading is illegal when info is received from the insider and traded by traders who received that info and do it before info becomes known to the public. <\/span><span style=\"font-weight: 400;\">Insider will always give you a hot tip. But is it trustworthy? How will you know that?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That is a crucial difference for insider trading. To make insider trading, the secret information being given must be issued by an insider.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_recognize_the_right_insider\"><\/span><b>How to recognize the right insider?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Such has access to important non-public information about a company. Usually, it is some from the high-level executives, that have almost all the information about the company&#8217;s operations. Well, not all of the high-level management recognize the fiduciary interest and put it ahead of its own. Also, an insider very often owns a big stake in the stock.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In insider trading, an insider can be a trader who acts based on inside info that is not public data.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_legal_insider_trading\"><\/span><b>A legal insider trading<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">That is a completely different story.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the US\u00a0 Securities and Exchange Commission, insider trading can be legal but under some circumstances. For example when a CEO of some company purchases stock of the company he is obliged to report to the Securities and Exchange Commission. Also, legal insider trading is when workers exercise their stock options and buy shares of stock in the company that they work for.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_does_illegal_insider_trading_work\"><\/span><b>How does illegal insider trading work?<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Illegal insider trading is different than legal insider trading. But when it is in violation of the law?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, a friend of the CEO of a company heard that his friend could be accused of fraud soon. That info he uses to short shares of his friend&#8217;s company because he had the info about bad news that will occur in the future and that will cause the stock price to go down.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The other example is, let&#8217;s say, a board member of a company and woman. She knows that the merger is going to be declared in the following days and she assumes the company&#8217;s stock price will go up after that. What she is doing? She is buying more shares but not always in her name. Such can buy shares in her husband&#8217;s name or parents. That is illegal insider trading.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We are pointing only a few examples of illegal insider trading that may occur. Don&#8217;t do that, you may end up in prison.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Does_insider_selling_suggest_its_time_to_sell\"><\/span><b>Does insider selling suggest it&#8217;s time to sell?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Acts speak louder than words could ever do. Management is motivated to tell you why should you have to buy the shares of their company. But the insider will tell the true story about the company&#8217;s worth. A trend of selling or buying among insiders could give us a clue about the company&#8217;s future in the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The information that insiders are selling their stocks might give some benefits. Traders may use them to estimate where a stock&#8217;s price might go and how insiders price a stock since they have better insight. But remember all data must be public and available.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Anyway, be careful, it isn&#8217;t a precise formula. Think about the drawbacks too.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It will take you time and energy to find trends. Moreover, insiders are not always right. Don&#8217;t blindly believe in them because they might have some special reasons to sell or buy. And finally, you will get only a small part of large info and that may confuse you, so you may make a bad trade.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Where_to_find_insider_info\"><\/span><b>Where to find insider info<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Speaking about the US stock markets, insiders are obliged to file SEC forms created particularly for insider stock trade reporting. But still, take your time to examine insider trades before you enter your <\/span><span style=\"font-weight: 400;\">buy or sell positions<\/span><span style=\"font-weight: 400;\">. Insiders&#8217; information isn&#8217;t everything you need to make the right investment decision. You&#8217;ll need more.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The SEC made the EDGAR system to provide public access to the insiders&#8217; activity. You can find it on the <\/span><span style=\"font-weight: 400;\">NASDAQ<\/span><span style=\"font-weight: 400;\"> website. The point is to have the same data from a minimum of two insiders&#8217; sources. Never rely only on one.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_use_insider_information\"><\/span><b>How to use insider information<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Okay, your search gives you several reports on the company.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, you can examine the data and find a trend. If your search of insider list displays buying actions, that should be a signal that the company&#8217;s management thinks the stock price will go up and want to profit from it as stockholders. But if you see that there is a lot of selling it is usually a sign that the stock price will go down. Insiders will always try to sell before stock prices drop. Anyway, it is only one info and you shouldn&#8217;t rely on just one. While you are looking for insider information try to read annual reports, statements, etc. Find other sources to support what you found as an insider trend. Then, you&#8217;ll be able to make a proper investment decision.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When you see the executives getting stock option grants and then selling a large part, you shouldn&#8217;t be worried. But if you see massive selling and without a visible cause, it&#8217;s time to think. Think because you have two options. One is to be a part of the crowd and sell your share or take advantage and buy a share at a <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/bargain-hunting\/\"><span style=\"font-weight: 400;\">bargain<\/span><\/a><span style=\"font-weight: 400;\">. And add to your portfolio to <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/diversification-is-important-to-your-investment-portfolio\/\"><span style=\"font-weight: 400;\">diversify<\/span><\/a><span style=\"font-weight: 400;\"> it better.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Famous_insider_trading_cases\"><\/span><b>Famous insider trading cases<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Wall Street Journal writer R. Foster Winans was sentenced to 18 months in prison in 1985 of giving information about stocks he was planning to write about. Two stockbrokers made about $690,000 thanks to his insider information. They were also sentenced.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ivan Boesky paid $100 million to the Securities and Exchange Commission to compensate insider-trading charges that he made. He earned $50 million in illegal profits. Boesky pleaded guilty and was sentenced to 3\u00bd years in prison in 1987.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Martha Stewart was sentenced. The problem was about her sale of ImClone stock based on a tip that she received from a broker at Merrill Lynch. She was sentenced to 10 months (prison and home confinement). Her stockbroker was also sentenced.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, a football player Mychal Kendricks was accused of insider trading after trading based on information he received from a friend. Friend? Yes, a friend who was a broker with Goldman Sachs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And many others but don\u2019t follow these examples, please. It\u2019s too <\/span><a href=\"https:\/\/traders-paradise.com\/magazine\/2020\/01\/what-is-riskier-bonds-or-stocks\/\"><span style=\"font-weight: 400;\">risky<\/span><\/a><span style=\"font-weight: 400;\"> as you can see.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insider trading can be legal or illegal depending on if the information used is public. By Guy Avtalyon Insider trading means that someone buys or sells stock based on information that is not freely available to the public. An insider could be someone from the management or simply someone who has access to non-public information. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":20472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1017,1012],"tags":[1567,1565,1563,1566,1564,104],"class_list":["post-20470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to-start-trading-beginners","category-traders-secrets","tag-illegal-insider-trading","tag-insider-information","tag-insider-trading","tag-legal-insider-trading","tag-martha-stewart","tag-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insider Trading is it Legal? - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Insider trading means that someone buys or sells stock based on information that is not freely available to the public. 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