It would only look bad for him. If there is an agreement and he knows that now and still sold some shares, as long as the PPS goes up on the news of the settlement, the SEC could care less. Again, they only care about gains or avoidance of losses as a result of information that has not become public. The fine use to be a return of the gain or loss avoidance plus a 50% fine for being naughty in trying such a stupid thing. I do not know if that is still the case.
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