The article explores the criminalization of insider trading, focusing on the economic harm and moral wrongs involved. It distinguishes between different types of insider trading, finding that nonpromissory insider trading is not economically harmful or morally impermissible. The study suggests that criminalizing this type of insider trading may be justified by the virtue theory, particularly the vice of greed. However, the article argues that criminalizing morally innocent conduct solely based on character flaws like greed goes against the harm principle.