Posted 2/25/2024, 9:08:44 PM
Houston Man Pleads Guilty to $1.7 Million Insider Trading Scheme Based on Wife's Work Calls
- Houston man Tyler Loudon pleaded guilty to securities fraud for trading stocks based on overhearing his wife's work calls
- Loudon's wife worked in mergers and acquisitions at BP
- Loudon bought $46k in shares of a truck stop company before BP announced plans to acquire it
- When the acquisition was announced, the stock price rose 71% and Loudon sold for a $1.7 million profit
- Loudon faces up to 5 years in prison and $250k in fines