As a finance major I were taught that you should NEVER, EVER do anything like this...
Here's the thing: We were taught not to do anything because of the risk of getting caught, not the moral/ethical issues (says something about a private US education, eh?)
If you are an outside consultant/company, try to step back and say "Since the share are at $1, would it be REASONABLE for me to invest in the company as a private citizen?" If the answer is yes, go for it. In fact, put the shares in your significant other's name, your name, it doesn't really matter. The burden of proof rests with the SEC (Or other regulatory agency) so unless you're making a HUGE sum of money (many millions), I don't see why it's a huge issue.
Again, anyone could have told you company X was a good bet....it's just having the ability to jump in (that is, of course, if you are rock-solid on the financials and the assumption that this company will be brought out...)
Another thing to consider is that many regulatory agencies look for people to short stock (I'll save those who don't know a trip to Google: Shorting stock is the practice of basically "borrowing" stock from someone else (with the promise to return the exact same amount (not value)) at a later date, selling the stock, and then buying back (and returning, or "covering the short") the stock.) This is basically done when one anticipates a drop in share price and is very risky as you only make money if the stock drops. If the stock goes up, you actually lose money as your price to cover exceeds your price to short. As such, governments characteristically pay a lot of attention to investors who short stocks (as this means they may be privy to Enron-esq information, poor projected profit, etc) rather than those who "hold long" and purchase the stock outright.
I'd say if you are very concerned about the whole thing, don't stress yourself out, but if you want to make that buck and avoid anything, draw up an agreement with a friend or relative you trust and place the shares in their name.