So here's my question after spending all weekend doing mad research of some tip I found online of leaked documents in relation to Amazon building an addition to their Alexa device which has a chemical profile analyzer amongst other things including a possible acquisition to acquire their patented technology. Even tho this information being leaked was illegal can I get into trouble if a rack up several million shares of their stock? Would it still be considered inside trading even tho this information was leaked publicly?
If found inside information regarding Amazon Inc online can i get busted for using it? Discussion in 'Trading' started by thecto777, Today at 1:31 PM. Answer: YES, you can. Insider trading makes no distinction between professional and non-professional traders and where the information was found. You KNOW the information leaked is significant, you KNOW it was accidentally leaked and you are fully aware that it is illegal and you have obtained this information through strenuous efforts beyond normal, regular web-browsing. If you trade on this information, you would be found guilty of insider trading, using your term "busted for using it". I would consult a lawyer if I were you. Ignorance is NOT a defense if you are ever caught. Good luck!
I'm gonna go ahead and throw the bullshit card on this one. Anyone who knew this info to be legitimate would not believe it's going to move the stock anymore than any other expected but unknown innovation already priced into the stock. Anyone with the resources for a significant enough trade to be on the SEC radar would discount it as a (poor) forgery.
Guys, as I just sent a note to the OP, you are welcome to discuss the legal ramifications of trading on insider information, but you are not welcome to discuss penny stocks which is against ET rules. All posts making specific references have either been edited or removed. Thanks.
C'mon you guys gotta be smarter than listening to a guy who has 2 posts here talking up a penny stock... PumpNdump scam...
Don't believe everything you read on the web. Pump and dumpers spread all sort of B.S. all over the web. Do you really think the CEO of a tech company sends non encrypted emails for matters like that?
Well either way, this is a money-losing venture. If this is really insider information, you are going to need a lawyer even if it's just in case especially if you traded on this information and made a profit. If this is a scam, you are going to be out of $X of your investment. That was all I said in my previous post that got deleted as well because I think I had the other guy's post quoted. So I guess a lesson to be learned by pump & dumpers, do NOT promote penny stocks with so called insider information; not an effective to promote them. LOL
You would not need a lawyer for simply using info you found in the public domain. Trading on insider info can be completely legal or illegal - here is how the SEC defines it: Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information.