Look it up yourself. Personally, I know a little about the law, but you don't have to take my word for it. Here is a link that should be elementary enough for you to understand. http://www.investopedia.com/articles/02/061202.asp
Please especially note the part " Illegal insider trading is the buying or selling of a security by insiders who possess material that is still not public. The act puts insiders in breach of their fiduciary duty. As you can imagine, this is a definite faux pas for anyone closely involved with a company.
A common misconception is that only directors and upper management can be convicted of insider trading. Anybody who has material and non-public information can commit such an act. This means that nearly anybody - including brokers, family, friends and employees - can be considered an insider."
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