Between 1994 and 1998, Richard Svoboda, a credit officer for NationsBank N.A., in Dallas, Texas, evaluated and approved his employer’s extensions of credit to clients. These responsibilities gave Svoboda access to nonpublic information about the clients’ earnings, performance, acquisitions, and business plans in confidential memos, e-mail, credit applications, and other sources. Svoboda devised a scheme with Michael Robles, an independent accountant, to use this information to trade securities. Pursuant to their scheme, Robles traded in the securities of more than twenty different companies and profited by more than $1 million. Despite their agreement that Robles would do all of the trading, Svoboda also executed trades on his own and made profits of more than $200,000. Aware that their scheme violated NationsBank’s policy, they attempted to conduct their trades so as to avoid suspicion. When NationsBank questioned Svoboda about his actions, he lied, refused to cooperate, and was fired. Did Svoboda or Robles commit any crimes? Are they subject to civil liability? If so, who could file a suit and on what ground? What are the possible sanctions? What might be a defense? How should a court rule? Discuss.