It’s time to admit that insider-trading “law” is irreparably broken. I used quotation marks because — hard to believe — there has never been an actual law that defines and prohibits insider trading. Yet thousands of nonviolent offenders have been incarcerated or otherwise penalized for this undefined crime, the amorphous contours of which have shifted repeatedly over the past 60 years at the whim of the Securities and Exchange Commission, federal prosecutors and federal courts. Congress is finally taking steps to address this anomaly.
‘Enforcement 40’ for 2020
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