July 17, 2024

Obligate Law

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Man faces criminal charges for listening in on wife’s remote work calls | Clayton News The Street Partner Content

2 min read
Man faces criminal charges for listening in on wife’s remote work calls | Clayton News The Street Partner Content

A man in Texas has pleaded guilty to securities fraud after making $1.7 million in “illegal profits” after listening in on his wife’s conversations about an upcoming company acquisition while she was working remotely for oil and gas company BP, according to a press release from the U.S. Attorney’s Office for the Southern District of Texas.

On Feb. 22, the U.S. Securities and Exchange Commission announced that it had charged Tyler Loudon for “violating the antifraud provisions of the federal securities laws” after he overheard his wife, who was an associate manager in mergers and acquisitions at BP, discuss the company’s upcoming acquisition of truck stop company TravelCenters during several meetings, which led him to purchase 46,450 shares of TravelCenters’ stock before the move was announced.

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