Current:Home > NewsHusband of BP worker pleads guilty in insider trading case after listening to wife's work calls, feds say-DB Wealth Institute B2 Reviews & Ratings
Husband of BP worker pleads guilty in insider trading case after listening to wife's work calls, feds say
how to verify account on lotradecoin View Date:2024-12-26 03:37:30
The husband of a former BP executive has pleaded guilty to securities fraud after allegedly listening in on his wife's work conversations, federal officials say.
Tyler Loudon, 42, of Houston, made $1.7 million in illegal profits from the purchase and sale of stock shares, according to the news release from the U.S. Attorney's Office of the Southern District of Texas.
According to the U.S. Securities and Exchange Commission, Loudon's wife was an associate manager in mergers and acquisitions at BP who worked on the company's deal to acquire TravelCenters of America Inc., a full-service truck stop and travel center company headquartered in Ohio.
The SEC alleges that Loudon "overheard several of his wife's work-related conversations about the merger" while she was working remotely. Without his wife's knowledge, Loudon purchased over 46,000 shares of TravelCenters stock before the merger was announced in February 2023.
As a result of the announcement, the SEC said, TravelCenters stock rose nearly 71% and Loudon allegedly sold all of his shares for a profit of $1.76 million.
“We allege that Mr. Loudon took advantage of his remote working conditions and his wife’s trust to profit from information he knew was confidential,” said Eric Werner, regional director of the SEC’s Fort Worth regional office. “The SEC remains committed to prosecuting such malfeasance.”
According to U.S. Attorney Alamdar S. Hamdani, of the Southern District of Texas, Loudon agreed to forfeit the money as part of his plea agreement.
U.S. District Judge Sim Lake accepted the plea and has set sentencing for May 17. At that time, Loudon faces up to five years in federal prison and a possible $250,000 maximum fine, according to the U.S. Attorney's Office.
veryGood! (6875)
Related
- Judge tells Google to brace for shakeup of Android app store as punishment for running a monopoly
- Louisiana GOP gubernatorial candidate, Jeff Landry, skipping Sept. 7 debate
- West Virginia college files for bankruptcy a month after announcing intentions to close
- Miley Cyrus Says This Moment With Taylor Swift and Demi Lovato Shows She's Bisexual
- How a small group of nuns in rural Kansas vex big companies with their investment activism
- FBI updates photo of University of Wisconsin bomber wanted for 53 years
- X's new privacy policy allows it to collect users' biometric data
- 'Extremely dangerous' convicted murderer escapes from prison: DA
- Oklahoma city approves $7M settlement for man wrongfully imprisoned for decades
- Alaska board of education votes to ban transgender girls from competing on high school girls teams
Ranking
- Democrats try to block Green Party from presidential ballot in Wisconsin, citing legal issues
- Have a food allergy? Your broken skin barrier might be to blame
- 'Extremely dangerous' man escapes Pa. prison after getting life for murdering ex-girlfriend
- Trump enters not guilty plea in Fulton County, won't appear for arraignment
- Get Designer Michael Kors Bags on Sale Including a $398 Purse for $59 & More Deals Starting at $49
- Rule allowing rail shipments of LNG will be put on hold to allow more study of safety concerns
- Tropical Storm Jose forms in the Atlantic Ocean
- Here Are the 26 Best Amazon Labor Day 2023 Deals Starting at Just $7
Recommendation
-
Wildfires are growing under climate change, and their smoke threatens farmworkers, study says
-
Russia reports more drone attacks as satellite photos indicate earlier barrage destroyed 2 aircraft
-
Spanish soccer star Aitana Bonmatí dedicates award to Jenni Hermoso; Sarina Wiegman speaks out
-
Los Angeles Rams WR Cooper Kupp has setback in hamstring injury recovery
-
These six House races are ones to watch in this year’s election
-
Travis Barker Returns Home From Blink-182 Tour for Urgent Family Matter
-
Rifle slaying of a brown bear in Italy leaves 2 cubs motherless and is decried by locals, minister
-
Jury in Jan. 6 case asks judge about risk of angry defendant accessing their personal information