Quote Originally Posted by Alfonso Perez View Post
Effectively or not this has absolutely nothing to do with insider trading. This was little more than a stunt set up by Sun Bet as they knew that they would gain significant publicity on the cheap. Wayne Shaw was very naive in getting involved but Sun Bet were pulling the strings. The only person to lose anything here was Wayne Shaw as he lost his job. On the flip side i'm pretty sure that Sun Bet's marketing manager has been basking in the glory ever since this happened.
Strictly speaking insider trading is using information not publicly available to manipulate a trade position. In that respect if pieman has informed his mates to open a position (place a bet) which he can then influence that is insider trading. He knows he will eat or not eat.