Why is insider trading prohibited by the Securities Exchange Act? - 11663

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Why is insider trading prohibited by the Securities Exchange Act?

  1.  To prohibit sales fraud by the unscrupulous traders
  2.  To prevent people with non-public information from having an advantage
  3.  To avoid discrimination against people who work outdoors, rather than in offices
  4.  To assure that people who subscribe to financial newsletters do not have an unfair advantage