Anthony Johnson is a marketing executive with a substantial investment portfolio that he has built over the years from savings. He owns shares in National Savings, a large local bank. A close friend and golfing partner, John Stansfield, is a senior executive at National. National has seen its stock price drop considerably, and the news and outlook are not good. In a conversation about the economy and the banking industry on the golf course, Stansfield mentions that National will surprise the investment community in a few days when it announces excellent earnings for the quarter. Johnson is pleasantly surprised by this information, and thinking that Stansfield, as a senior executive, knows the law and would not disclose any illegal inside information, he doubles his position in the bank's shares. Subsequently, National announces that it had good operating earnings but had to set aside reserves for anticipated significant losses on its loan portfolio in the next quarter. The combined news causes the stock to go down (instead of up) almost 20%.

did Anthony Johnson and/or John Stansfield violate any of the ethical rules? Explain why or why not.