Chapter 13: A drug company applied for the approval of the Food and Drug Administration (FDA) to market a miracle drug t

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Chapter 13: A drug company applied for the approval of the Food
and Drug Administration (FDA) to market a miracle drug that the
company believed could cure some cancers. During the period that
the application was under consideration, the company’s stock rose
to $65 per share. The president of the company learned that the FDA
application was about to be denied. You are a personal friend of
the president, and he told you that he believed that the stock will
start trading downward. You sell 4,000 shares of stock, which you
purchased for $10 per share. Your decision appears to be a good one
because you made a profit of about $200,000. When questioned about
the sale by an investigator from the Securities and Exchange
Commission, you state that the sale was because of a preexisting
arrangement to sell the shares when the price fell below $60 per
share. Following the announcement that the FDA application was
denied, the stock went to $7 per share. Did you commit a crime when
you sold the stock? Did you commit a crime in your answer to the
federal agent? Were you part of an illegal conspiracy?
Please answer this question as an argumentative Essay