Laura is the CFO of Gianna Beauty Creations $($GBC$),$ a cosmetic company. Laura had knowledge of record profits that GBC was about to announce at a press conference, This had not yet been made public. Laura shared this information with her younger brother Matthew and told him to keep it secret. Matthew purchased $1,000$ shares of GBC stock the day before the press conference. As a result, Matthew made $$50,000$ on the increased value of the stock after the announcement. Laura received no direct personal benefit from giving this tip to Matthew. Under these facts, is Matthew guilty of insider trading?

Question $23$ options:

No$,$ because Laura received no direct personal benefit from sharing the information; this does not meet the requirements of the personal benefit test.

No$,$ because an insider of a corporation may share information to others and it will not constitute insider trading; insider trading laws only apply when the insider makes a profit.

Yes, because all information that comes from an insider, whether it provides a benefit to the insider or not, is illegal insider trading.

Yes, because although Laura received no direct personal benefit, such a benefit is not required when a tip is given to a relative.