Unbelievable! How US Man Earned $2 Million Eavesdropping On Wife's Office Calls During WFH
Date
2/23/2024 2:00:46 PM
(MENAFN- AsiaNet News) Texas resident Tyler Loudon made almost $2 million by illegally trading by eavesdropping on his wife's conversations.
According to a report by news outlet Bloomberg that cited the US Securities and Exchange Commission, Loudon's wife was a mergers and acquisitions manager for BP Plc (formerly British petroleum and BP Amoco), working on a deal that oversaw BP's Acquisition of TravelCenters of America. This is the most recent instance of a couple listening in on each other as they work from home.
After purchasing shares in TravelCenters of America Inc. for months, Loudon liquidated his investment portfolio and brokerage accounts in February 2023, the same month that BP announced it was purchasing TravelCenters of America for a 74% premium. His profit was $1.76 million. According to the SEC, his wife did not know about his trading since she was BP Plc's mergers and acquisitions manager.
The SEC and US prosecutors in Texas said Tyler stumbled upon the idea of buying TravelCenters after learning of the potential deal from his wife. She was working on the deal in a home office 6 metres away.
She moved out of the house and sued for divorce when he eventually admitted to her. She also informed BP about his trades, and even though they were unable to locate any proof that she had intentionally disclosed the deal, they nevertheless fired her.
Loudon later agreed to give up the money he made on the transactions and pay a fine as part of the settlement.
The US SEC has brought attention to many instances of insider trading involving information heard or observed while working from home with a significant other since the onset of the Covid-19 epidemic and the work from home period.
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