economicz

It is not an easy question becuase what he is doing doesn’t seem right, but I think confidential information refers to personal information etc. Also he did not disseminate the info to a 3rd party. If you worked for Warren Buffet and followed his trades after he entered them I guess there is no problem there LOL
Look at the other answers too and learn stuff from them.
He is not front running, but they could have said entered the trades just before his client’s and received the same price seeming as if no harm was done, but he is still front running.
He did not have reasonable basis, but he did not trade for his clients. Had he bought for anyone else he would have been guilty of this