The tipper tippee theory is one of the theories under which outsiders may be held liable for insider trading. Which of the traders, Danny, Judy or Leslie, is most likely to be found liable for securities fraud based on this theory? Danny, because he had a fiduciary duty to his law firm to keep information that he learned through his job confidential and to refrain from using that information for personal gain. Judy, because she had a fiduciary duty to Wade's, which she breached when she used the information for personal gain. Leslie, because she knew or should have known that Judy had a fiduciary duty to Wade's to keep the information confidential.