Bridge The Gaap - Accounting Podcast

Today the Bridge The GAAP – Accounting Podcast discusses challenges faced by rapidly advancing technology.  We discuss the topic by building a bridge that connects a hacker ring in Ukraine, SEC Rule 10b-5, and the hacktivist community called "Anonymous." We start off by discussing a complaint filed by the SEC on August 10, 2015, that charged 32 people in a securities fraud scheme involving hackers in Ukraine partnering with stock traders in the U.S. who allegedly realized illegal gains of $100 million over a five year period. In attempt to answer the question of whether or not this qualifies as insider trading, we take a closer look at the Securities and Exchange Act of 1934, Section 16(b) and Section 10(b).  We also examine SEC Rule 10b-5, Rule 10b5-1 and Rule 10b5-2 in order to gain a further understanding of when insider trading is prohibited and when it is allowed. This conversation leads to the broader topic of how rapid technological advances are outpacing our regulations and our preconceptions. The pod