I'm not sure what's the point of that analogy since insider trading is specific to traded securities. If the accusations are true, then he might be guilty of i

I'm not sure what's the point of that analogy since insider trading is specific to traded securities. If the accusations are true, then he might be guilty of illegal insider trading, because he sold shares after learning of non-public information that would affect the stock price. It's not necessary to prove that the buyers suffered a loss, but it can be argued that the sale was unfair to them: they bought without knowledge that there would be a big sale soon after.