Tipper/Tippee Insider Trading as Unlawful Deceptive Conduct: Insider Gifts of Material Nonpublic Information to Strangers


This article, by Joan MacLeod Heminway of The University of Tennessee College of Law, explores the “Robin Hood scenario” as it applies to insider trading law and whether a fiduciary violates the law when acting under pure altruism. Through an exploration of the functions of improper information sharing, the theoretical underpinnings of academic literature, and the link between theory and statute, Heminway cast doubt on the laws applicability to insider trading cases involving intentional unauthorized sharing of material nonpublic information by a fiduciary with a stranger for purely altruistic purposes.


officers, directors, deceptive conduct, fiduciary, improper, agent, principal, recipient, familial relationship, knowledge, consent, purpose, incentives, duty of trust, duty of confidence, pecuniary, Martoma, Delaware, corporate law, agency law, duty of loyalty, Nagy, SEC, acquisition, motive, altruism, Obus, reckless, negligence, tippee, scienter, Robin Hood scenario



Joan MacLeod Heminway (Rick Rose Distinguished Professor of Law, The University of Tennessee College of Law)



Publication details



All rights reserved

File Checksums (MD5)

  • pdf: c6e8c7c30d9d3379bf9fe11e2ca5a0e4