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<p id="isPasted"><strong>Insider trading</strong>—the practice of buying or selling a company's securities based on material, nonpublic information—has long been a contentious issue in financial markets. While the term often evokes images of corporate executives secretly profiting from inside knowledge, the reality is more complex. Some forms of insider transactions are perfectly legal, while others can result in severe criminal penalties.</p><p>"The securities laws use 'insider' in different ways," said Marc Fagel, a lecturer at Stanford Law School and former U.S. Securities and Exchange Commission (SEC) regional director. "There are statutory insiders (officers, directors, 10% shareholders) who have certain legal duties, but …</p>
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