3. Peter is a psychologist whose patient is Fred, a manager at a publicly traded oil exploration company. During one of their sessions, Fred tells Peter that next week his company will announce a major new oil find on one of the company's properties. Peter does not trade any stock of the oil company but he tells his brother about what Fred said. Unbeknownst to Peter, his brother buys shares in the oil company and makes a substantial profit.
Is Peter guilty of insider trading?
