Many folks found that when they worked from home, they had to be quiet when their spouse was at the kitchen table, feet away. For Houstonian Tyler Loudon, it entailed the exact opposite. According to the BBC and Guardian, she was working on BP's plans to purchase TravelCenters of America, an Ohio-based travel center and truck stop company, from her home office, which was just 20 feet away from her husband.
According to the SEC, Loudon acquired 46,450 TravelCenters shares over the course of six weeks without telling his wife about the plan after learning about it. A few weeks later, on February 16, 2023, BP announced the takeover agreement. TravelCenters' stock shot up about 71%, and Loudon liquidated his interests at a huge profit. That is when he felt he had to tell his wife.
He said his motivation came from wanting to make sure his wife did not have to put in as much overtime. In response, she moved out, filed for divorce, and reported him to BP, who fired her despite her lack of participation, according to the Guardian.
Loudon is going to have further consequences. He entered a guilty plea to securities fraud in federal court on Thursday in Houston, and as a result, he has to give up his unlawful profits. At his May sentencing, Reuters reports that he may possibly face a $250,000 fine in addition to a maximum five-year jail sentence.
According to the SEC, Loudon acquired 46,450 TravelCenters shares over the course of six weeks without telling his wife about the plan after learning about it. A few weeks later, on February 16, 2023, BP announced the takeover agreement. TravelCenters' stock shot up about 71%, and Loudon liquidated his interests at a huge profit. That is when he felt he had to tell his wife.
He said his motivation came from wanting to make sure his wife did not have to put in as much overtime. In response, she moved out, filed for divorce, and reported him to BP, who fired her despite her lack of participation, according to the Guardian.
Loudon is going to have further consequences. He entered a guilty plea to securities fraud in federal court on Thursday in Houston, and as a result, he has to give up his unlawful profits. At his May sentencing, Reuters reports that he may possibly face a $250,000 fine in addition to a maximum five-year jail sentence.
