In SEC VGinsburg,Ginsburg Was CEO of a Company That Merged with Another

In SEC v.Ginsburg,Ginsburg was CEO of a company that merged with another company,and he told his relatives that the merger might occur.Knowing that the stock price might then rise,the relatives bought stock in the company and profited.Ginsburg was prosecuted by the SEC for insider trading.The appeals court held that:

A) Ginsburg was guilty and would pay a $1 million fine
B) Ginsburg had misappropriated company information by passing information on to his relatives,but that was not insider trading,so he could not be convicted
C) Ginsburg may have used poor judgment but his relatives have no obligation to the company,so there is no legal issue here
D) Ginsburg had violated his fiduciary obligation and can be sued for any losses that the company suffers as a result,but has not violated the rule against insider trading
E) none of the other choices