Ever wanted to be a spy? Yes? Well if you have a vagina, we may have found the job for you.
Someone has just listed on Backpage.com, an adult services site, looking for “beautiful, sophisticated ladies” to seduce businessman in order to extract “key pieces of information” from them.
John Carney at CNBC explains that legal prohibition against what is deemed to be insider trading is based on an interpretation of a much broader ban on fraud in general under SEC Rule 10b-5.
The theory is that insiders violate the 10b-5 by using non-public information for personal gain thereby breaching their fiduciary duties.
“So if we start with the assumption that the ‘key pieces of information’ sought by this group are, in fact, material nonpublic data about publicly traded companies, the question of whether this is insider information will turn on how and why it was disclosed.
“If a business executive unwittingly disclosed this information to a seductress, the seductress would likely not be under any legal obligation not to disclose this information to someone who planned to trade on it.”
So the only way for this scheme to work is for the businessman to give the seductress information voluntarily. Basically, the woman needs to be able to extract the information without the guy even noticing- she needs to work like a professionally trained spy.
“The legality of trading on information intentionally extracted from a seduced businessman, in other words, would largely turn on his motivation for revealing the information and the length of the relationship.
If he thinks he is just blowing off steam about a business deal to a one-night stand who was going to sleep with him anyway, this entire scheme wouldn’t violate any insider trading rules.”
In other words, this has to be a one-time, quick deal. You go in casually, make the guy think you’re going to possibly sleep with him, get him all liquored up, have him spill his darkest secrets, and leave him with the tab.
With these sort of habits coming easily to so many women, it shouldn’t be a problem to find someone to fit the bill.
Paul Hudson | Elite.