, "[I]n situations in which the information is never fully disseminated to the public, the profit gained or loss avoided [will] be measured by the difference between the purchase or sale price and the value the security would have had at the time of the violation if the information had been publicly disseminated, based upon the facts and circumstances of the case.
Consistent with the primary objectives of the Securities and Exchange Commission Act of 1942 and ITSFEA
, both papers interpret these results as an indication that insider trading prior to corporate events may not fully reflect insiders' intentions as insiders face significant penalties if they are found guilty of trading on private information.
See Olson, supra note 48, at 732 (stating that ITSFEA
overruled Moss v.
Insider Trading ITSFEA
increased the criminal penalties tenfold and Securities for individuals, from $100,000 to $1,000,000, and Fraud fivefold for entities, from $500,000 to Enforcement Act $2,500,000.