Well 'Peeps' only needs a small window to place an order in 'XYZ' stock before the announcement comes out.
Anyway, I'm sure you would agree it's black and white, either 'John Smith' is passing on inside information to 'Peeps' or he isn't. Regardless of whether the information is market sensitive, the bottom line is I'm pretty sure 'John Smith' would be getting the sack at best, and at worse, prison time (i.e. Charlie Sheen in Wall Street being led out of his office in handcuffs crying).
cheers.
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