Who Is Dale Emerson And Ernest Wallace Ethically?
In the case of Dale Emerson and Ernest Wallace I believe that Wallace was ethically in the wrong. As common small talk with family, Emerson was talking of a planned takeover of Dakota Gasworks, Inc. to his uncle on a weekend fishing trip. Unfortunately, Emerson’s uncle took the inside information from his nephew and used it to his advantage to gain large profits.
As chief financial officer for Reliant Electric Co., under the SEC Rule 10b-5 act, “which prohibits the commission of fraud in connection with the purchase or sale of a security,” (Miller, 2014, pg. 618) both Emerson and Wallace could potentially be liable for the actions. Emerson could be held liable for the release of inside information with a strong case that he was unaware his
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