Financially it could be, and i hope it is, a disaster. Insider trading is a thing. Saying one thing about privileged information in public while trading as though the opposite is true could well come back and bite him very, very hard.

Dumb. Corrupt. Doesn't matter how common crime is for it to be worth prosecuting.

If you did it on public info. Fine. Redistribution of wealth from those who did not to you for being faster. If you did on information you then lied about in public, in an official capacity. Rot in jail you crook.

Even if he "gets away with it" no sane individual would ever trust him with anything ever again.