Rebecca,a Secretary at ABC Software Company,a Publicly Traded Company,enjoyed Snooping

Essay

Rebecca,a secretary at ABC Software Company,a publicly traded company,enjoyed snooping through the desk of her boss,Emma.One day while snooping,Rebecca came across information indicating that ABC Software was in the process of launching a new type of software that it believed would be very profitable.Rebecca immediately purchased a large amount of stock in ABC Company and sold it for a nice profit after the product was made public.Her conscience was bothering her a bit,so she confessed her snooping to a friend,Jason.Jason told Rebecca not to worry because she could have no liability.Is Jason correct,and if not,what theory of liability could be applied against Rebecca? In your answer,include the definition of insider according to Section 10(b)and Rule 10b-5 of the Securities Exchange Act of 1934.