In February 2023, a Texas man who overheard his wife’s business phone calls illegally made $1.76 million in the stock market, the publication reported. Business Content.
The U.S. Attorney’s Office for the Southern District of Texas said Houston resident Tyler Loudon admitted to purchasing thousands of shares of TravelCenters of America shortly before the oil and gas company was acquired by BP for $1.3 billion. Loudon’s wife was an acquisitions and mergers manager at BP. The couple was working from home and therefore could eavesdrop on each other’s work phone calls. Learning of the impending acquisition, Loudon immediately purchased more than 45 thousand shares of TravelCenters of America and sold them for $1.76 million after the deal was announced.
Later, when BP launched an internal investigation, Loudon admitted what he had done to his wife. She was fired from BP and subsequently divorced her husband.
The article states that Loudon could be fined and banned from holding certain positions in companies.
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