inside information

U.S. Securities and Exchange Commission sued three Ontario residents for allegedly reaping $1.02 million (C$1.13 million) of illegal trading profits by using inside information on transactions involving Merrill Lynch & Co clients.

According to the SEC two defendants, Phillip Macdonald and Martin Gollan, were investing in securities of companies that were the targets of mergers and acquisitions, based on tips from the third defendant, Michael Goodman.