The key to fraud is deception. The fraudster lies to his victims, in order to take their money. Even if you think that insider trading is bad, you can’t really say with a straight face that it is an act of deception. You can quibble about fairness and level playing fields, but insider trading does not depend on lying. It simply isn’t fraud. By calling it fraud, the government is trying to control how we think, and to shut down discussion.
‘Enforcement 40’ for 2020
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