Unbelievable! Man Makes $2 Million By Listening To Wife's Work Calls At Home
Tyler Loudon, a 42-year-old resident of Houston, confessed to engaging in securities fraud after allegedly profiting $1.7 million from stock trading using privileged information gleaned from his wife's remote work discussions, as revealed by the US Securities and Exchange Commission on Thursday.
Fallout from insider trading
Loudon's wife held a position as a mergers and acquisition manager at BP, a London-based oil and gas company.
Upon hearing about BP's acquisition of a truck stop and travel center company in Ohio from his wife, Loudon saw an opportunity to make a profit.
"He bought over 46,000 shares of the truck stop company before the merger was announced in February 2023, causing the stock price to soar by almost 71%," the Securities and Exchange Commission reported.
Afterwards, Loudon swiftly sold the stock, resulting in a gain of $1.76 million. His wife was unaware of his actions, according to the US Attorney's Office for the Southern District of Texas.
According to legal action, Tyler decided to purchase TravelCenters after hearing about the deal from his wife, who was managing it from home.
Upon confessing to her about his actions, she moved out, later filing for divorce. She reported the trades to BP, who terminated her despite finding no proof that she knowingly leaked the deal, as per the SEC.
Loudon faces legal consequences??
Loudon is set to be sentenced on May 17 and could face up to five years in federal prison, along with a possible fine of up to $250,000.
He may also be required to pay additional penalties to settle a separate civil case filed by the SEC.
The Securities and Exchange Commission (SEC) oversees the securities industry, ensuring fair and transparent markets, enforcing securities laws, and providing accurate information to protect investors.
Since the COVID-19 pandemic prompted the work-from-home era, the US SEC has brought attention to several cases of insider trading due to information inadvertently overheard or observed by individuals working remotely with their significant others.
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