I dont think thats how it works.
You either traded on insider information, or you didnt.
The fact that you held it long enough for the information to become public changes nothing, because in the interim, you materially benefited from that insider information.
A person with inside information is not necessarily an insider.
'The more infamous form of insider trading is the illegal use of non-public material information for profit. It's important to remember this can be done by anyone, including company executives, their friends and relatives, or just a regular person on the street, as long as the information is not publicly known. For example, suppose the CEO of a publicly-traded firm inadvertently discloses his/her company's quarterly earnings while getting a haircut. If the hairdresser takes this information and trades on it, that is considered illegal insider trading, and the SEC may take action."
"Doesnt matter - he still had access to the inside information and thus is considered an insider with respect to trading on that information. But, since you are speculating, if he quit to buy on the market and doesnt FLIP (holds longer term) then the information ontained as an insider would be public (theoretically) and he would no longer be considered to habe information that gave him an advantage
