Business Law Question:
In U.S. v. O'Hagan, a lawyer profited by trading on information he gained in the representation of his client. However, he did not trade his own client's stock, but rather that of the company his client sought to acquire. When prosecuted by the SEC, what was the result in the Supreme Court?
A. The Court held that the SEC did not have jurisdiction and that it was up to the State of Minnesota to handle the case
B. The Court rejected the misappropriation theory
C. The lawyer was guilty on the theory that he misappropriated the information
D. The Court held that because he did not harm his client, there was no liability for insider trading