🤯 Picked by our AI, this stock rallied more than Nvidia this month, yielding 94% since MarchSee the stock

BP manager's husband pleads guilty to US insider trading that led to divorce case

Published 02/22/2024, 05:14 PM
Updated 02/22/2024, 05:55 PM
© Reuters.
BP
-

By Jonathan Stempel

(Reuters) -The husband of a former BP (NYSE:BP) manager pleaded guilty on Thursday in Texas to insider trading after overhearing his wife, who later began divorce proceedings, talk about the oil company's planned purchase of truck stop operator TravelCenters (NASDAQ:TA) of America.

Tyler Loudon, 42, pleaded guilty to securities fraud in Houston federal court and agreed to forfeit $1.76 million of illegal proceeds, according to the office of U.S. Attorney Alamdar Hamdani in Houston.

Loudon, of Houston, faces up to five years in prison and a $250,000 fine at his scheduled May 17 sentencing before U.S. District Judge Sim Lake.

He also agreed to settle a related U.S. Securities and Exchange Commission civil case, including by paying a civil fine.

A lawyer for Loudon did not immediately respond to requests for comment. BP did not immediately respond to separate requests.

Authorities said Loudon bought 46,450 TravelCenters shares without his wife's knowledge over a 1-1/2 month period, after overhearing several work conversations about the planned $1.3 billion TravelCenters takeover while she was working remotely.

TravelCenters' share price rose 71% after the takeover was announced on Feb. 16, 2023, and Loudon quickly sold his shares, authorities said.

According to the SEC, Loudon stunned his wife by admitting he bought the shares to make enough money so she could work shorter hours.

The SEC said BP later put Loudon's wife on administrative leave and then fired her despite finding no proof she knowingly leaked the takeover or knew about her husband's trading.

She moved out of the house she shared with Loudon and began divorce proceedings last June, the SEC added.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.