Should insider trading really be considered a crime?

Michael Steinberg, former employee of SAC Capital Advisors LP, center, exits federal court with attorney Barry Berke, right, in New York, on Wednesday, Dec. 18, 2013.
Louis Lanzano | Bloomberg | Getty Images

Without a doubt, on four counts of securities fraud and one count of conspiracy marks a significant victory for the United States attorney's office in its campaign against insider trading.

Steinberg is the highest-ranking employee of SAC Capital to be convicted of insider trading. He is—or was—reportedly personally close to SAC Capital's founder, Steve Cohen.

But it's worth asking: what exactly did Steinberg do wrong?

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