The nominee accounts may be common and perfectly legal, but I don't believe that there is any provision in the law, which would make it legal to use them for the insiders to activelly trade their stock. The overriding principle must remain, that the inside knowledge is a burden, when it comes to trading.
By analogy, there is nothing wrong in structuring a trust for tax advantages, but those advantage must fit into the tax law, and tax EVASION doesn't and there is no hiding behind the trusts in such cases.
The INTEND is all what matters. Nothing wrong in avoiding applicability of a law, but it is illegal to evade a law which is applicable.
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