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According to reports, the Securities and Exchange Commission announced plans to dismiss insider-trading charges one person who allegedly made gains using privileged information by purchasing Herbalife Ltd. (NYSE: HLF) options. The financial agency had charged the man for buying the options after he heard that activist investor Bill Ackman planned to deliver a negative presentation on the company's marketing practices. The news was hardly surprising to our Capital Wave Strategist Shah Gilani, who explained this week that a recent court decision has practically legalized insider trading. To read Shah's explosive indictment against the U.S. Second Circuit Court of Appeals, click here.