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Question
In SEC v. Switzer, et al., Switzer overheard a conversation while in a public place and used information heard during the conversation to for a group to purchase stock in a corporation that subsequently showed a substantial profit. When the SEC brought charges of insider trading against Switzer the court said:A.since Switzer was not a direct participant in the conversation, he could not be prosecuted as a tippee.
B.Switzer was not a tippee because he did not know that the information overheard was material and non-public.
C.the insider that Switzer overheard was guilty of a breach of his fiduciary duty to his company because he spoke about the company in a public place.
D.the insider that Switzer overheard was guilty of a breach of his fiduciary duty to his company and was guilty of insider trading because he was telling his wife material and non-public information.
Answer
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Related questions
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Which of the following involves a third party substitution?
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In Mobil Oil Exploration & Producing Southeast, Inc. v. United States:
A.Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the original contract amounting to repudiation by the United States.
B.Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the contract, barring certain types of oil exploration, frustrating Mobil's contractual purpose.
C.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, they had not yet filed their oil excavation plan so they could not know whether they were facing a problem.
D.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, it did not substantially change the terms of the original contract.
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Each of the following is a discharge by mutual consent except:
A.accord and satisfaction.
B.novation.
C.rescission.
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