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Purpose This case captures the experience of the newly hired investigation officer (IO) at the SECP, who crafts a front running case focused on the ethical transgressions by equity trader and KATS operator, at a famous brokerage house named Mir Ali Chaudhary Securities (MAC) Securities and three traders at DICE in Pakistan. The case outlines the whole series of investigation event that took place, from the IO identifying the smoke to all the pieces of puzzle together to form collectively evidence of front running. The case outlines and probes students to think at each stage of investigation as to how to answer the general claims that insider trading should be legalized. All these questions are viewed from the perspective of Pakistan’s regulatory environment. Design/methodology/approach The authors use a descriptive case study methodology approach. Findings The investigation trial held Sidney and Aslam guilty, sentencing them to imprisonment and making them pay fine to the Securities Exchange Commission of Pakistan (SECP) worth Rs 5m and Rs 1m, respectively. Likewise, the three equity traders at DICE were sentenced to imprisonment and charged a fine of Rs. 1m each. Originality/value On March 21, 2018, Mr Sidney, the equity trader, Mr Aslam, a KATS operator at MAC Securities and three equity traders at DICE Securities (Pvt.) Ltd were convicted under Securities Act (2015) and Court of law. Sidney and Aslam were alleged of tipping off advance confidential information of their clients’ order to the three equity traders at DICE, whereas the three traders at DICE were alleged of trading shares based on the tipped information in their trading account before the MAC clients’ orders were filled.

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