Chiarella worked at a company that printed financial documents. In one documents, he read confidential information that allowed him to buy stock and make a nice profit because of his knowledge. When sued by the SEC for insider trading, the Supreme Court found Chiarella:
a. guilty of violating Rule 10(b)-5 because he failed in his duty to disclose relevant information b. guilty of violating Rule 10(b)-5 because he traded in securities based on inside information c. guilty of violating Section 16(b) because he engaged in short-swing trading for profit
d. not guilty of insider trading because he had no fiduciary duty not to use the information e. none of the other choices
d
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