Good response and I agree with you on, well, everything. Tony, by making it public in this forum has put himself in a position where he cannot (legally) trade the stock now until the next PR comes out. He also has now become an insider and he has a fiduciary duty not to divulge this info to anyone else as that person could take advantage of this info and trade.
Reno, on the other hand, has opened himself up to liability by talking to Tony and divulging the information. A shareholder, knowing this, could report Reno to the SEC as he has breached his fiduciary duty to the shareholders by disclosing material information before it is made public. If no trades take place because of the insider information then probably he will be OK, but I guarantee you that the SEC would remind him of his fiduciary duty to keep his mouth shut.
I agree with you that when you receive insider information, keep it to yourself and act accordingly. People trade on insider information all the time, the smart ones just don't publicize it!
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