If you and the buyer know about the risks then you’re not making a trade based on material non public information, are you? If you make a hedging trade while h

If you and the buyer know about the risks then you’re not making a trade based on material non public information, are you? If you make a hedging trade while having material knowledge that you withhold from the counterparty… well, that sounds like it could be edging towards fraud. Like taking out life insurance while hiding a medical condition. But sure, it’s not against the law to do business with a sucker, so there’s degrees here.