Husband Pleads Guilty to $1.8 Million Remote Work Insider Trading Scheme
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Tyler Loudon overheard confidential merger discussions between his wife and her employer, BP, while working remotely at their Houston home. He then bought tens of thousands of shares in TravelCenters of America, the acquisition target.
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When the $1.7 billion deal was announced in February 2023, Loudon sold his shares for a $1.76 million profit. He has now pleaded guilty to securities fraud.
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Loudon's wife, a BP mergers and acquisitions manager, was unaware he had used her work information for illegal stock trades. She has since filed for divorce.
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The case highlights the risks of remote work, where confidential business information can accidentally be overheard by family and friends.
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In addition to forfeiting his profits, Loudon faces up to 5 years in prison for securities fraud.