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Spyropoulos and Courtois worked for two different New York investment banking firms, in the respective mergers and acquisitions departments of both firms. Newman was a close friend of both Spyropoulos and Courtois and received numerous tips of impending mergers and acquisitions from the two investment banking employees. Newman not only traded on the tips but also passed along the tips to two more of his friends, Antoniu and Carniol. Newman, Antoniu, and Carniol have made money based on the tips. Are all three tippees liable? Why