1. Securities. A person who has knowledge of facts not available to the general public. [Cases: Securities Regulation 60.28. C.J.S. Securities Regulation §§ 179, 182.]
temporary insider. A person or firm that receives inside information in the course of performing professional duties for a client. • Generally, that person or firm is subject to the same proscriptions as an insider.
2. One who takes part in the control of a corporation, such as an officer or director, or one who owns 10% or more of the corporation’s stock.
3. Bankruptcy. An entity or person who is so closely related to a debtor that any deal between them will not be considered an arm’s-length transaction and will be subject to close scrutiny. [Cases: Bankruptcy 2827.]
