1934 Securities and Exchange Act

1934 Securities and Exchange Act
Robert was the president of JKL, Inc. JKL intended to purchase Target Co. JKL’s intent was not public information, and when it became public, Target’s stock would increase significantly in value. Robert individually bought 1,000 shares of Target Co. Ten months later, when the merger was publicly announced, Robert sold Target’s stock and made a large profit. Assuming that Robert is guilty of a violation under the 1934 Securities and Exchange Act, what are the possible consequences?

a. The government could charge Robert with criminal violations, leading to fines and/or imprisonment
b. The persons who sold Robert the stock could sue Robert for damages
c. The persons who sold Robert the stock could rescind the sale and recover their stock.
d. A,B a and C
e. B and C only

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