Traded on the new york stock exchange

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Reference no: EM13519596

Jacques is the CEO if a public company traded on the New York Stock Exchange, called XYZ Corp., which is regulated by the SEC. Jacques buys 100 shares of stock of XYZ Corp. (using NO insider trading whatsoever) on March 1, 2009. Then on March 30, 2009 Jacques is in need of money due to his spouse being laid-off, so he sells his stock (using no insider trading whatsoever), and makes $10,000 in profits. Jacques:

a. Must forfeit the profit back to XYX Corp. due to the "short swing profits" rule.

b. Legally can keep the profits since there was no insider trading whatsoever.

c. Is in breach of his fiduciary duties to XYZ Corp. and can be sued for fraud.

d. Can never trade stock in the XYZ Corporation under any circumstances.

Reference no: EM13519596

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