I'm not saying you're wrong but could you point out an instance when someone told someone else a piece of inside information and then got in trouble? (caveat without taking action on it)
Here's the issue, if you were to go to the SEC and file a complaint saying that you suspect that John Doe has access to public information. The first question the SEC will try to determine is, "who was damaged?"
In the case of our dear Tony, the fact that he's telling everyone he has inside information and posting .20 with all his exclamation marks is going to be a problem for Tony. Because someone could argue that the trading was a result of his childish actions and that those traders were acting on inside information that wasn't available to the general public or the Captain's Parrot.
Had Tony exhibited some restraint and kept this "claimed" inside information to himself - his having it wouldn't be an issue.
So again, I don't know of any instance where having inside information is a crime nor a violation by either the person who tells it nor the person who hears it.
If you have it and you keep it to yourself - who's going to complain? Tony is another case and if I were him, I'd keep me knickers on until after any news comes out.
I've been doing OTC investing since 1981 and I've been given inside information in the presence of corporate attorney's with the clear understanding that it goes nowhere. I don't think you are correct on this one but maybe you'll know of an instance where this happened and I'll learn something new, happens every day.
I'm just not familiar with any case where a rule was invoked against an insider giving someone information unless it can be proven that it was part of an effort to take action on it by one or both parties. It's the action (trading- long/short) that constitutes a violation.
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