Howard A. Fischer authored an article titled, "Just a small fraud – who would notice?", which was published in Grip.

Howard highlights that there is no “de minimis” exception to insider trading—even small trades can trigger enforcement. In SEC v. Vakil, an Elanco employee, Trijya Vakil, used nonpublic information about an upcoming acquisition to make a $2,447.50 profit and tipped her friend, who made over $109,000. Despite the small amount Vakil earned, both were criminally charged and pleaded guilty. The case underscores how trading surveillance systems detect even minor suspicious activity, and how cover-ups often worsen legal consequences. The core message: “Just a little” insider trading is still a crime.