The man eavesdropped on his wife's phone calls and made 1.7 million dollars

By Jurassic JennMar 26, 2024 13:37 PMRelationship
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The man eavesdropped on his wife's phone calls and made 1.7 million dollars
The man eavesdropped on his wife's phone calls and made 1.7 million dollars. Source: www.ndtv.com

In the United States, the Securities and Exchange Commission (SEC) has accused the man of insider trading

SSPDaily tells about it.

Tyler Loudon from Houston, Texas, is alleged to have misused material nonpublic information regarding the agreement of London-based oil and gas company BP p.l.c. to acquire TravelCenters of America Inc., a full-service truck stop and travel center company headquartered in Ohio.

He obtained this information by eavesdropping on phone calls made by his wife, who was a BP manager working remotely on the planned deal. Without his wife's knowledge, Loudon purchased 46,450 shares of TravelCenters before the merger announcement on February 16, 2023. Following the announcement, TravelCenters' stock surged by nearly 71 percent. Allegedly, Loudon promptly sold all his TravelCenters shares, making a profit of $1.76 million.

"We allege that Mr. Loudon exploited his remote work arrangement and his wife's trust to gain from information he knew was confidential," stated Eric Werner, Regional Director of the SEC's New York Division. "The Securities and Exchange Commission (SEC) remains committed to prosecuting such misconduct."

The SEC's complaint, filed in the U.S. District Court for the Southern District of Texas, accuses Loudon of violating the antifraud provisions of federal securities laws. Without admitting to the allegations in the complaint, Loudon has consented to a partial judgment. He will be required to repay the ill-gotten gains with interest and a penalty.

In the meantime, despite no evidence of her involvement in the leak of confidential information, the company terminated Loudon's wife, leading her to file for divorce.

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