5. According to the U.S. Securities and Exchange Commission (SEC) "illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security." A recent case involving insider trading is summarized in SEC press release No. 2018-251. (a) Briefly describe the three forms of the efficient market hypothesis (EMH) and explain which form(s) the defendant in the SEC action implicitly believes to be untrue. (b) Briefly explain trading strategy employed by the defendant and how the position in the security described in the press release resulted in profit for the defendant