Insider trading

Jack and diane are married and both executives at a large multinational electronics company.  The couple holds substantial company stock and the majority of their retirement funds depend on the company stock performances.
Jack is a director within the marketing division, and diane is a vice president in charge of all north american sales.  one friday, j advise d that the company lost a large government contract for new electronic components.  The contract was worth over 11 billion us dollars in sales and the loss could signal large layoffs.  government officials have not publicly announced their contract decision: however, they have advised, privately and confidentially , several nonwining bidders, including the company their work for.

J & D decide to immediately sell the majority of their company stock to protect their retirement savings.  The market on that friday was favorable in reports indicated the stock was still increase without the release of the billion dollar contact.  

J & D sell their stock to unsuspecting investors through their personal banker.


Identify and describe the crime that is committed in this scenario.