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I think that the moment that you are being entrusted with insider information that you're an insider, yes.
I don't know if this should be a law, or if someone should go to jail, but noting that it may be a safer option to go to jail than being lynched by your victims.
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Where does the line get drawn? You are friends with someone who works at BigCorp XYZ.
He tells you they are collapsing and new massive lawsuit is pending....you dump. Should you go to jail?