Calypso Wireless (fka CLYW)

[Cougar6]

Turrini seems to have a number of people confused about the insider trading rules. Turrini could tell anyone he wants what is going on although he should warn the party receiving the information that what he is telling them is not public knowledge. If that person trades based on that information then the person making the trade, not Turrini, may be guilty of insider trading in certain circumstance. Turrini is guilty if he trades or a family member, agent, or someone else for whom he could be considered to have constructive ownership with trades on the information where that trade constitutes a breach of a fiduciary duty.

"Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information."

http://www.sec.gov/answers/insider.htm

Just to be clear, passing on information does not violate the law. Someone must actually trade off it.

Again, another rookie mistake. You sure this guy has been a manager and officer of a real public company at any time in his life? He sure doesn't act like one.