Ok, FLU, I double-checked my facts (actually, just kidding – I didn’t – these things I know pretty well)…
It’s illegal to TRADE on inside information (material, non-public information) regardless of how it’s obtained.
It’s NOT illegal to REVEAL (such as a posting on the internet) inside information. HOWEVER, it would almost certainly be grounds for firing IF that person was classified by the company(s) involved as an INSIDER (that is, an officer, director, employee, consultant, investment banker, etc.).
For example… if the husband of a woman who works for an INSIDER tells the husband inside information, it’s NOT illegal for the husband to discuss it with other people or post the information on the internet (for example). It’s NOT illegal for the woman to have revealed the information to her husband. It’s also NOT illegal for the insider to have revealed the inside information to the woman, his subordinate. It’s likely, however, that should the insider and/or his subordinate be discovered as the source of the revealed (or “leaked”) information they will both be reprimanded or fired. It IS, however, ILLEGAL for any of them to TRADE on this information.
The REVEALING of inside information isn’t the illegal part, although it certainly puts one’s career at risk. It’s the TRADING on it that is, regardless of whether there’s a profit of not.
FLU, since you seem to think you know more about this than I do, please, I await your enlightenment.
