DealBook.com has a very interesting article which raises this question, but not in the traditional sense. Those who believe that insider trading is a victimless crime certainly make an argument, but the guilty plea hearing last week in the SAC insider trading case brought the issue into focus. What made it interesting is that while federal statutes allow investors who bought or sold at the same time as the insider's trades to sue the inside trader, the Justice Department argued that those investors are not victims of the crime at all!
Which of course raises an interesting defense in the next investor insider trading suit.
For more detail, visit Determining the Victims of Insider Trading - NYTimes.com
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