SEC v. McPhail.
According to the SEC, McPhail’s source of inside information was a member of AMSC’s senior management, who became close friends with McPhail as members of the same country club. The SEC complaint shows that the two developed a close bond over the years, communicating almost daily and playing golf together, and exchanged intimate and confidential details about their personal and professional lives, relying on each other for support and advice. Unbeknownst to the AMSC executive, however, McPhail was in for something else. … Read the rest