Dan, an accountant for Eureka! Inc. learns of undisclosed company plans to market a new laptop. Dan buys 1,000 shares of the firm's stock. He reveals the company plans to Fay, who tells Greg. Both Fay and Greg buy 100 shares. Greg knows that Fay got her information from Dan. When Eureka! publicly announces its new laptop, Dan, Fay, and Greg sell their stock for a profit.
Refer to Fact Pattern 42-3. Under the Securities Exchange Act of 1934, Geoff is most likely?
a.
? not liable because Geoff is only a tippee, not a tipper.
b.
? not liable because Geoff is too far down the chain of disclosure.
c.
? liable for insider trading.
d.
? not liable because Geoff traded on the basis of a material fact.
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