I doesn't actually matter whether what you do is illegal or not. What matters is whether the SEC or, more likely, a DA/AG thinks they can benefit from charging

I doesn't actually matter whether what you do is illegal or not. What matters is whether the SEC or, more likely, a DA/AG thinks they can benefit from charging you. Exhibit 1: Preet Bharara's misguided pursuit of US v Newman: http://www.wsj.com/articles/bhararas-supreme-court-miss-1444086369 http://www.wsj.com/articles/bhararas-supreme-court-miss-1444... Even the Supremes are itching for a good case to clarify the law: http://www.wsj.com/articles/scalias-insider-trading-invitation-1415666521 http://www.wsj.com/articles/scalias-insider-trading-invitati...