knowledge and insider trading - where's the line?

  1. 98 Posts.
    I part own a few P/L telco and ISP concerns around Australia. These private companies are all properly licensed with the appropriate authorities.

    Several months ago, I found a competitor (who is listed on the ASX), does not hold a very, very important licence for its products and services, and has been operating (illegally) like that for several years, with the potetnial of earning multi-million dollar fines.

    Now, as I did my own research and were to trade on this information, would I be insider trading?

    If I tell a mate who trades with that knowledge, and I don't, do we both get done for insider trading?
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.