Isn't insider trading illegal?

An insider transaction is the buying or selling of a company's securities (such as stocks or options) by individuals who have access to nonpublic information about the company, including officers, directors, and employees.

Insider transactions are legal and are not to be confused with illegal insider trading. The Securities and Exchange Commission defines illegal insider trading as "buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, on the basis of material, nonpublic information about the security. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information."