Reference - Presidential Profits

Reference - Presidential Profits. Linda was president of a publicly traded tractor company, Tough Tractors. Linda became aware that stock in her company would likely increase significantly in value because her company had a contract to purchase the assets of Rough Tractors. The boards of both companies wanted the information kept confidential until the purchase was complete and a news release was made. Before the news was made public, Linda immediately purchased a significant number of shares in Tough Tractors. Linda also told her friend Frank about the contract to purchase assets. Frank, who knew that the information was not public, told his brother, George. Frank and George purchased a number of shares of stock in Tough Tractors prior to any public announcement of the sale. After the public announce was made and the purchase of assets went through, Linda, George and Frank, all sold their shares in Tough Tractors and made a nice profit. For which of the following is George liable?

A) His own profits and also the profits of Frank.
B) His own profits and also the profits of both Frank and Linda.
C) His own profits regardless of whether he knew he was trading in information that had not been made public.
D) Only his own profits and those of Linda.
E) Only his own profits and then only if it can be shown that he knew or should have known that the material information was not public.