A Chicago attorney used inside information to make more than $100,000 by buying shares of Chegg Inc. after a college friend tipped him off about big financial gains the education company was about to report, according to an indictment filed Monday.
A Chicago attorney used inside information to make more than $100,000 by buying shares of Chegg Inc. after a college friend tipped him off about big financial gains the education company was about to report, according to an indictment filed Monday.
In Dirks v. SEC, 463 U.S. 646 (1983), the United States Supreme Court found that a tippee may be liable for trading on the basis of material, nonpublic information if he or she knows.