Question: A put option can effectively be viewed as a bet that a stock's price is going to fall. After the September 11, 2001 attack on

A put option can effectively be viewed as a "bet" that a stock's price is going to fall. After the September 11, 2001 attack on the World Trade Center, the FBI observed unusual trading activity in put options on certain airline stocks. The investors in these options made large profits from low-probability, short-term bets that airline stock prices would decline precipitously. Substantial evidence suggested that the securities traders made these investments based on their advance knowledge that this terror attack using U.S. airplanes would occur.
The terrorists were guilty of a horrible act. Were they also guilty of insider trading?

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