(Answered) Solly is a well-known investment adviser he is selling his

Engineering

Solly is a well-known investment adviser. He is selling his luxury motorboat to Mr Lock, the CEO of a large public company. Solly phones Mr Lock and threatens to sell his boat to someone else unless the deal is done soon. Mr Lock says to Solly "Don't say anything but our company is just about to be taken over by Telstrate the largest communications company in Asia, once that is done I will have the $10 million in cash" The next day Solly buys $100,000 worth of Telstrate shares at $5 per share. When news of the successful takeover is publicised the shares rise to $10 per share. Solly sells and makes $5 profit per share. Is this insider trading? Explain your answer.

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