Posted 2/23/2024, 8:55:00 PM
Husband Pleads Guilty to $1.7 Million Insider Trading Scheme Using Wife's BP Work Calls
- The husband of a former BP manager pleaded guilty to securities fraud for profiting $1.7 million from trades he made based on overhearing his wife's work calls
- He made trades based on confidential info about BP's planned purchase of TravelCenters of America, which he learned from eavesdropping while his wife worked from home
- He faces up to 5 years in prison and $250,000 in fines for the insider trading scheme
- His stunned wife has filed for divorce and was fired by BP, despite no proof she leaked information or knew about the trades
- The SEC brought civil charges and said the husband claimed he did it so his wife could work less hours