Connect with us

Hi, what are you looking for?

Business

Husband ‘made over a million’ by eavesdropping on BP wife

The US Securities and Exchange Commission has accused Tyler Loudon of making $1.76 million in illegal profits, alleging that he used confidential information about BP’s takeover of TravelCenters of America, which he overheard from his wife’s conversations, to buy shares in the firm.

According to the regulator, Mr. Loudon took advantage of his remote working conditions and his wife’s position as a mergers and acquisitions manager at BP to profit from insider information. His wife was involved in BP’s takeover of TravelCenters, and Mr. Loudon allegedly purchased 46,450 shares of TravelCenters stock before the deal was made public, resulting in a profit when the share price surged after the announcement.

The SEC’s complaint reveals that Mr. Loudon and his wife often worked in close proximity at home, allowing them to overhear each other’s work-related conversations. Despite confessing his actions to his wife, Mr. Loudon’s wife reported the trading to her supervisor at BP. However, BP terminated her employment, although there was no evidence that she knowingly leaked information about the deal to her husband.

As a result of the SEC’s investigation, Mr. Loudon agreed to pay a penalty, but he also faces potential criminal charges, which could lead to a prison sentence if convicted. The case highlights the importance of effective surveillance in preventing insider trading, especially in remote working environments.

It serves as a reminder of the risks associated with remote work and the need for organizations to implement robust measures to monitor and prevent unauthorized trading based on confidential information.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Technology

Apple is gearing up for a significant refresh of its iPad lineup in 2024, starting with the anticipated launch of the iPad Pro in...

Business

Microsoft Teams had a major hiccup on Friday, causing disruptions and various issues for users. The problem started around 11 a.m. EST and quickly...

Business

JetBlue Airways is considering pulling out of its $3.8 billion acquisition of Spirit Airlines following a federal judge’s blockage of the deal in response...

Business

Tesla is pulling back nearly 200,000 cars in the U.S. over a glitch with the backup camera not kicking in when the car’s in...