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The husband of a former BP executive faces jail time and possible divorce after admitting he profited from stock trades based on information he received from phone calls from his wife while she was working from home at the energy giant. There is.
Tyler Loudon, 42, pleaded guilty to securities fraud in Houston federal court and agreed to surrender $1.7 million in ill-gotten gains, the U.S. Attorney’s Office for the Southern District of Texas announced Thursday.
Authorities say his wife was unaware of the transaction.
“We allege that Mr. Loudon took advantage of his remote working conditions and his wife’s trust to profit from information he knew was confidential,” said Eric Warner, regional director of the SEC’s Fort Worth Regional Office. “The SEC remains committed to prosecuting this type of misconduct.”
The husband of a former BP M&A manager has pleaded guilty to securities fraud for allegedly profiting from trading based on information obtained by tapping his wife’s phone while she was working remotely. (Reuters/Luke McGregor/Reuters Photo)
Loudon’s sentencing in the case is scheduled for May 17, and he could face up to five years in prison and a fine of up to $250,000.
Also Thursday, the Securities and Exchange Commission charged Mr. Loudon with insider trading in a separate civil suit, which Mr. Loudon agreed to settle.
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According to the SEC’s complaint, Loudon’s wife was working as a mergers and acquisitions manager at BP when she was assigned to work on an international oil company’s proposed acquisition of truck stop operator Travel Centers of America. .
A line of cars waits for gas at the BP station at the corner of East Cervantes Street and North 9th Avenue in Pensacola on Monday, May 10, 2021. (Reuters/Reuters Photo)
Authorities say Loudon overheard multiple business conversations about the $1.3 billion acquisition of Travel Centers while his wife was working remotely, and over the course of a month and a half secretly sold 44% of Travel Centers’ stock. The company reportedly purchased 6,450 shares.
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According to authorities, Travel Centers’ stock price rose 71% after the acquisition was announced on February 16, 2023, and Mr. Loudon quickly sold his shares.
According to the SEC, Mr. Loudon surprised his wife by admitting that he bought the stock to earn enough money to work part-time.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| blood pressure | BP PLC | 35.38 | -0.11 | -0.31% |
The SEC said BP then placed Mr. Loudon’s wife on leave and fired her, even though it found no evidence that she knowingly leaked the deal or knew about her husband’s transactions.
She moved out of the home she shared with Mr. Loudon and began divorce proceedings last June, the SEC added.
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When asked for comment by FOX Business, a BP spokesperson said the company has nothing to add to the DOJ and SEC documents and typically does not comment on personnel matters.
Reuters contributed to this report.
