Reading the actual case document, it's hard to chalk this up to anything but gross incompetence. Dude gets off the phone after learning the information, and im

Reading the actual case document, it's hard to chalk this up to anything but gross incompetence. Dude gets off the phone after learning the information, and immediately calls the brokerage to write puts that expire 11 days later (strike 1). He nails the strike price (keeping below 70; strike 2), and when the brokerage calls later he openly admits on the call that he traded on a nonpublic rumor (strike 3). Absolutely zero subterfuge. He either has a blatant disregard for the law, or is an extremely high-functioning idiot, or both.