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The commercial lending department of First Bank made a substantial loan to Alpha Company after...

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Accounting

The commercial lending department of First Bank made a substantial loan to Alpha Company after obtaining a favorable confidential earnings report from Alpha. Over lunch, Heidi, the loan officer who handled the loan, mentioned the earnings report to a friend who worked in the banks trust department. The friend proceeded to purchase stock in Alpha for several of the banks trusts. Is the friend liable? Why?

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