and the single home call and one of the work calls on July 5, all
suggest actual contact. Finkelstein said that he did not answer
any work calls on July 4 or 5 because he was too busy. The Panel
was not obliged to accept that explanation for the telephone calls
just because Finkelstein said so. Finkelstein said that the calls
must have been taken by his secretary. His secretary did not
give evidence. Further, the Panel was justified in considering
Finkelstein’s evidence, in this respect, to be self-serving. Finkelstein’s evidence on this point is further called into question by
the fact, that Finkelstein acknowledges, that there were at least
112 telephone calls between Azeff and him in the period between
January 21, 2007 and July 12, 2007. Contrary to Finkelstein’s
assertion that this fact “weakens the import of any telephone
calls between July 4 and 12, 2007”, this evidence is capable of
demonstrating the exact opposite, that is, the degree of communication that routinely occurred between the two.
 On July 5, 2007, Azeff, whose family had not held units in
Legacy for the previous six months, began buying 8,300 units on
behalf of his family members for $100,395. His colleague Bobrow
bought 6,500 Legacy units for $78,910 on behalf of his mother
(even though he had earlier sold her Legacy holdings on May 22
and 24, 2007).
 On the same day at 8:29 a.m., Azeff called one of his
clients for more than three minutes, following which the client
bought 5,000 Legacy units at the opening of the markets. The
same client bought another 5,000 units on July 6, 2007.
 On July 10, 2007, Finkelstein called Azeff at 7:47 a.m. for
two minutes. Just over an hour later, Azeff called this same
client and that client bought another 5,000 units of Legacy, and
then a further 15,000 units, for a combined investment of
$240,420 on that day.
 Meanwhile, the same assistant who had purchased Dynatec shares also bought, with her family, 17,000 units of Legacy
on July 5, 6 and 10-12, 2007 for $205,221. They had previously
sold their 4,000 units of Legacy on May 25, 2007.
 In addition, L.K. (and his wife) also bought 6,500 units in
Legacy on July 9, 10 and 12, 2007, for $78,120, representing a
sizeable amount of his portfolio. Yet again, L.K. said that he did so
based on information provided to him by Azeff. These were not the
only purchases of units in Legacy, but they provide a sufficient
context for the purposes of considering the Panel’s conclusions.
 Finkelstein contends that he did not possess material
non-public information as of July 4. He says that the fact Legacy
was for sale, and a possible purchase, was all public information.
The latter contention about the public information ignores the