and the securities laws are indeed violated if the tippee (here the broker]  received his information from an insider of the corporation (the client) and knows, or should know, that the insider breached a fiduciary duty in disclosing the information to him.

       If the client was not an “insider” of the corporation but was an “outsider,” the broker may still be liable if he deduced that the client had non-public material info and then traded on it but that one is too complex to explain all the ramifications.

And whether there is both civil and criminal liability for both situations is another level of discussion.