[jonknee]

That’s not quite the case, it’s insider trading if you’re using non public material information no matter what account it benefits.

https://www.sec.gov/fast-answers/answersinsiderhtm.html

> The SEC adopted new Rules 10b5-1 and 10b5-2 to resolve two insider trading issues where the courts have disagreed. Rule 10b5-1 provides that a person trades on the basis of material nonpublic information if a trader is "aware" of the material nonpublic information when making the purchase or sale.

[tptacek]

According to the actual text of the rules, both are particular to preexisting agency relationships (really, to insiders of public companies).

Are you just pointing out that the SEC will come after you even if you're not trading against the interests of your shareholders/clients/whatever?