India, Feb. 23 -- The U.S. Securities and Exchange Commission or SEC accused a Texas man of making more than $1.7 million with insider trading by overhearing work calls made by his wife, a BP mergers and acquisitions manager, while working work from home.
The SEC said that Tyler Loudon, an employee of a publicly traded company, was charged for making illegal profits from buying up thousands of shares in TravelCenters of America (TA) ahead of its $1.3 billion acquisition by BP plc (BP) last year. He and his wife worked "within 20 feet of each other" at home and often overheard each other's discussions.
Eric Werner, Director of the SEC's Fort Worth office, said Loudon "took advantage of his remote working conditions and his wife's trust to ...