O’Hagan was an attorney in a law firm that represented Grand Metro

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Hi there

I need someone to help to answer these questions:

Q1: O’Hagan was an attorney in a law firm that represented Grand Metro in its bid to take over Pillsbury. Even though O’Hagan was not a Pillsbury insider, he is still criminally liable under the securities laws for_______________.

A. misappropriating information about the takeover by trading in Pillsbury shares

B. converting the Grand Metro’s information about the takeover for personal gain and failing to keep it secret

C. failing to disclose to Grand Metro that he was trading

D. all of the above

Q2: Chiarella worked as a financial printer for Pandick Press. He had possession of about five announcements of corporate takeover bids that he was printing. Pandick concealed the actual names of the companies, but Chiarella was able to figure them out. He bought stock in the target companies and made a profit. He was not an insider of these corporations on whose shares he a duty to abstain from trading because he was trading, therefore, he ______________.

A. had a duty to abstain from trading because he worked for Pandick

B. had no duty to either disclose or abstain from trading

C. should have told his boss that he was going to trade on the stocks

D. still must pay treble damages to the SEC

Q3: It is a crime to evade the reporting requirements of a financial institution or to assist in structuring any transaction.



Q4: A tippee assumes a fiduciary duty to the shareholders of a corporation not to trade on material nonpublic information only when the insider has breached his fiduciary duty to the shareholders by disclosing information to the tippee and the tippee knows or should know that there has been a breach and the tipper derives a benefit.



Q5: David was the president of Scholastic Book Fairs, Inc. He explained to his wife that the price of Scholastic stock that was included in his statement of assets reflected a $10-per-share decline in value, due to an unfavorable earnings report. Scholastic was going to announce the information in a week. At her husband’s request, Mrs. Yun agreed not to disclose the information to anyone except her lawyer.

Two days before the announcement, Mrs. Yun phoned her lawyer from her real estate office and told him the news. Her colleague, Jerry, overheard the price discrepancy. That evening at an event, Mrs. Yun and Jerry discussed the earnings report. The next morning before the announcement, Jerry placed an order to buy $20,000 of two day puts. The stock price dropped 40% in response to the news and Jerry profited more than $250,000. Jerry is ________.

A. guilty of misappropriation if the government can show that Mrs. Yun as an outsider benefited from the tip she gave to Jerry

B. not guilty of misappropriation if the government fails to show fraud-on-the-market

C. guilty of classical insider trading

D. none of the above

Q6: Structuring is a strict liability crime. The government does not have to show that the defendant knew he or she was structuring, only that they knew they evaded filing a Currency Transaction Report.



Q7: Defendant was in the business of selling a product that functions as a can opener, knife, emery board, compass, and flare gun. As part of his sales scheme, defendant sent a letter through the mail claiming that there was a death in the family and he needed to raise money by selling these items. The item functioned as it was advertised, but there was death in the family. Since the sale was predicated upon a lie, defendant can be convicted of a crime under_______________

A. mail fraud statute

B. wire fraud statute

C. false statement statute

D. none of the above


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