Examples might include a corporate president or an attorney who misused information regarding a planned but unannounced takeover attempt.
Insider trading is treated essentially as a sophisticated fraud.
Because the victims and their losses are difficult if not impossible to identify, the gain, i.e. , the total increase in value realized through trading in securities by the defendant and persons acting in concert with him or to whom he provided inside information, is employed instead of the victims' losses. Effective November 1, 1987.