What are the ethical considerations when receiving privileged information from a wealthy contact?

Receiving privileged information creates a responsibility to maintain confidentiality, avoid conflicts of interest, and refrain from using the information for personal gain at the expense of others. Privileged information is non-public information that could influence decisions or provide an unfair advantage. Ethically, you must not disclose this information to unauthorized parties or use it for insider trading or other illegal activities. If the information creates a conflict of interest with your existing obligations, you must disclose the conflict and, if necessary, recuse yourself from related decisions. For example, if you learn about a planned merger from a wealthy contact and use that information to buy stock in the target company before the announcement, you are engaging in illegal insider trading. Maintaining integrity and acting in the best interests of all parties involved are paramount ethical considerations.