Penny,who Is the President of XYZ Corporation,tells Andy That Buying

Penny,who is the president of XYZ Corporation,tells Andy that buying stock in XYZ Corporation right now is a good idea.Andy is only casually acquainted with Penny and did not know that she was an officer of the corporation.He,however,acting on her information investigated the company somewhat and proceeded to buy some stock.Both Penny and Andy were charged with insider trading.Both Penny and Andy say that they did not know that insider trading was against the law.Also,Andy says that he did not even know that Penny was an officer of XYZ Corporation and that he thought the information at issue was public information.Provide the legal definitions for the defenses asserted and discuss whether they are adequate.