Hard cases make bad law. Insider trading cases have always been determined by case law: This guy got away with insider trading, therefore I should too!
This is because there is no actual law against insider trading; the SEC chairman back in 1961 arbitrarily decided to prosecute it.
After a Hard Case involving two hedge fund managers who traded on confidential info from former Dell and Nvidia employees, the US Court of Appeals all but legalized insider trading, again. The moral of the story: Retail investors, unless you have insider information, you don’t stand a chance at picking stocks.
Insider Trading: Did Appeals Court Ruling Change the Rules? (video)